Bearish market closed Wall Street 3Q22, more than 20% decline started to occur on Nasdaq (April), then S&P500 (June) and DJIA (September) throughout 2022. Apart from US property market pressures, investors face continued Hawkish or November FFR hikes of +75Bps and December +50Bps, closing FFR FY22E to 4.25%- 4.50% levels. Meanwhile, US FR30Y mortgage interest has reached 6.70% 3Q22 (Vs. 2.88% 3Q21); the highest level since the 2008 Subprime Mortgage crisis, as yield on UST10Y touched 4%. The Hawkish Fed was supported by a solid labor market, US Initial Jobless Claims fell 8% for the week. On the domestic side, the Government is targeting a 28% increase in tax revenue in 2023, in contrast to the potential normalization of prices for a number of commodities and the risk of an economic recession in some of Indonesia’s main trading partners. One week, the JCI moved away from the 7,200 level and closed below the 7,100 level.

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