Global Market Update

• In April 2025, US Composite PMI fell to 51.2 from 53.5, the slowest growth in 16 months. Services dropped; manufacturing rose slightly. Business confidence fell, prices jumped due to tariffs, but jobs still grew.
• The HCOB Eurozone Composite PMI slipped to 50.1 in April 2025, showing near-flat growth and missing expectations. Services activity declined, manufacturing remained weak, and new orders continued to fall for the 11th month. 
• Singapore's inflation held at 0.9% in March 2025, below expectations, with slight rises in food and transport. Core inflation dropped to 0.5%, the lowest in four years. Prices fell 0.1% month-on-month.

            Sources:Statistics Singapore, S&P Global, Trading Economics, and Bloomberg.




Domestic Market Update

• On April 23rd, 2025, the Indonesia Government Bond 10 Years Yield closed at 7.0051%.
• Bank Indonesia decided to keep the BI Rate at 5.75%, the Deposit Facility rate at 5.00%, and the Lending Facility rate at 6.50%. This decision aims to keep inflation for 2025 and 2026 within the target of 2.5±1%, maintain Rupiah stability in line with its fundamentals amid rising global uncertainty.
• Fitch Ratings has downgraded PT XLSMART Telecom Sejahtera Tbk’s Long-Term Foreign and Local Currency ratings to ‘BBB-’ from ‘BBB’, and its National Long-Term Rating to ‘AA+(idn)’ from ‘AAA(idn)’. The outlook is stable, and the earlier Rating Watch Negative from December 2024 has been removed. The downgrade reflects the removal of the parent-subsidiary relationship with Axiata Group Berhad following XLSMART’s merger with PT Smartfren Telecom Tbk, which reduces the support previously factored into the rating.

            Sources: Bank Indonesia, PEFINDO, PHEI and Bloomberg.




Market Projection
We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.9567% - 7.0973% for Today. Recommendations: FR0102, FR0105, FR0089, FR0103, FR0062, PBS038, PBS033, PBS034, ORI023T6, ORI026T6 and ORI025T6.

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