-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessJ.P.Morgan Reiterate JCI target of Rp7,800 for YE22
J.P.Morgan note that “he Indonesia equity market (JCI) was down 6% over 9-10 May 2022 (EM/AxJ down ~4%), post the 10-day extended Lebaran holiday, with several large-cap names limit down (-7%) on Monday amid the global market correction on multiple investor concerns including Fed rate hikes, inflation, and slowing global growth. Nonetheless, we don’t see much in the way of country-specific concerns for Indonesia, as our bull thesis stems from the commodity supercycle (current a/c surplus) and reopening of the economy, which remains intact. The strong Q122 GDP growth print of +5.0% Y/Y (despite Omicron semi-lockdown and record-high cases in Feb ‘22) seems to be overlooked (private consumption getting back on its feet), along with the Newcastle coal price jumping 23% in the past week to US$377/ton. The Q122 results season so far has showed encouraging earnings beats in Indonesia, led by Commodity-related players and Banks, with upward earnings revisions by the street likely in the cards. Balancing inflation management and trade policy (export ban for CPO or Coal) will be a big task for the Government and will be closely monitored by the market, in our view. We remain overweight Financials, Energy, and Conglomerates, and would use the recent correction to buy on dips. For investors looking for portfolio hedges, we prefer Healthcare (better-than-expected non-Covid pickup) and Telco (improving competition outlook post consolidation) over Staples (margin pressure from rising input cost)”
- “What could go wrong for Indonesia? 1) Rupiah weakness. IDR has depreciated ~1.5% vs. the USD in the past 2 weeks. Continued weakness would have a negative impact on both consumer and business confidence, and would likely erode margins for producers for import materials. 2) Bond yields. The 10-Year Indonesia Government bond yield recently spiked to 7.4% (from 6.8% a month ago), which will have a negative impact on equity valuation as the risk-free rate continue to go up. 3) Inflation. April-2022 inflation rose to +3.5% Y/Y (Mar: +2.6%), but overall still decent as energy sources like fuel remain heavily subsidized by the Government (RON88, RON90), which can afford it thanks to strong commodity windfall.”
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.