Global Market Update

• On December 4th, 2024, the U.S. 10 Years Yield closed at 4.1800%.
  
• The S&P US Composite PMI rose to 54.9 in November, a 31-month high, driven by strong services growth (56.1) despite weak manufacturing (49.7). New orders hit a 2.5-year peak, while price increases slowed to a 4.5-year low.
  
• Australia's trade surplus rose to AUD 5.95 billion in October 2024, up from AUD 4.53 billion in September and beating market forecasts of AUD 4.55 billion. This marks the largest surplus since February, driven by a 3.6% increase in exports to AUD 42.15 billion, while imports saw a slight 0.1% rise to AUD 36.20 billion.
  

            Sources: S&P Global, Australian Bureau of Statistics, Trading Economics, and Bloomberg.




Domestic Market Update

• On December 4th, 2024, the Indonesia Government Bond 10 Years Yield closed at 6.9714%.
  
• Indonesia's International Investment Position (IIP) recorded a higher net liability of $274.0 billion in Q3 2024, up from $249.8 billion in Q2 2024. This increase was due to a rise in Foreign Financial Liabilities (FFL) outpacing the growth in Foreign Financial Assets (FFA).
  
• PEFINDO affirmed PT Dian Swastatika Sentosa Tbk (DSSA) with an idAA rating, as well as idAA ratings for DSSA’s outstanding Shelf-Registered Bond and idAA(sy) ratings for its outstanding Shelf-Registered Mudharabah Sukuk, with a stable outlook. The ratings are supported by GEMS's strong performance, conservative financial policies, and asset diversification. Challenges include energy transition risks, commodity price fluctuations, and project execution uncertainties.
  

            Sources: Bank Indonesia, PEFINDO, PHEI.


Market Projection
We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.8778% - 7.0168% for Today. Recommendations: FR0102, FR0089, FR0105, FR0100, FR0062, PBS038, PBS033, PBS005, ORI023T6, ORI025T6 and ORI024T6.

DOWNLOAD FULL REPORT HERE