A series of important economic data dominated the market atmosphere last week, with US GDP 4Q22 data as the most highlighted, which came out at 2.9% higher than the forecast of 2.6%, though clearly lower than the previous period of 3.2%. On the other hand, the weakening in the housing market, as reflected in Dec. Building Permits & Home Sales offset the tight labour market as the latest weekly Initial Jobless Claims figure was smaller than expected, despite the wave of massive layoffs in several large tech companies. Eurozone’s business and spending climate started to show an expansion or at least a softer contraction, adding to the optimism of this year’s economic situation to the extent that the Consensus Economics survey predicted Europe has a chance of avoiding recession, due to falling energy prices and China’s economic comeback. Following the sentiment of US earnings, Indonesia began releasing its 4Q22 earnings starting with BBNI & BBCA, which reported big profits exceeding expectations. Rupiah managed to strengthen below IDR15000/USD level, adding to the last week’s positive sentiment that was capable of bringing JCI to a close at 6898 level, back to the equivalent position last December, with Net Foreign Buy accumulated at IDR1.12 trillion over the past week.
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