Amid the low production, AALI successfully booked a revenue growth of 1.2% YoY to IDR11.0 trillion in 6M22. Net profit in 6M22 also jumped 24.6% YoY on the back of foreign exchange gains and interest income.
SUN Market Pressure ahead of BI RDG Results. The 5-Year SUN Benchmark recorded a yield increase of up to 10Bps, to the level of 6.48%.
Wall Street was down 2%, in contrast with sloping PCE. NHKSI Research sees the July US Deflator PCE survey was down to 0.0% MoM (Vs. Jun. 1.0% MoM) and 6.4% YoY (Vs. Jun. 6.8% YoY), as the US Headline CPI peaked in June with 1.3% MoM and 9.1% YoY, indicating that the Fed has room to start easing its monetary policy.
The SUN market is under pressure, amid the potential for high inflation in 3Q22. Investors are looking again at the Headline Inflation in July, approaching 5% YoY due to the increase in Administered Prices, especially non-subsidized energy prices.
Ahead of the Jackson Hole Symposium, the Nasdaq led Wall Street’s decline. Investors halted their bullish expectations in stocks, weighing concerns over the prospect of Fed Chair Powell setting a Hawkish tone at this week’s Jackson Hole Symposium.
Wall Street declined in early trading, as weekly jobless claims weakened. Weekly Initial Jobless Claims fell 2,000 to 250,000.
Wall Street under pressure ahead of Fed Meeting Minutes. US stocks fell in early trading after major retailer, Target Corporation (NYSE:TGT), stated revenue fell 90 percent as consumers’ purchasing power weakened, forcing the company to cut prices.
SUN market is under pressure ahead of new New Issue offerings. Yield FR91 is again trading above the 7% level. Today, the Government is offering new series at auction Tuesday, namely FR95 (6-Year), FR96 (11-Year), and FR97 (21-Year).
China MLF Rate down 10Bps, Wall Street expects US economy will reach soft landing. PBOC unexpectedly cut 1Y Medium-Term Lending Facility (MLF) Rate Aug. from 2.85% to 2.75%.
