Global Market Update

• On July 26th, 2024, the yield on US 10-year government bonds closed at 4.1939%, down by 4.68-bps compared to the previous day.
• In June, Sweden’s GDP grew by 0.9% from May. However, GDP fell by 0.8% in the second quarter compared to the first. June’s GDP was up 1.9% from June 2023, but the second quarter was unchanged from the same period last year. Economist Mattias Kain Wyatt noted that weak April data affected the second-quarter results.
• In June 2024, Singapore’s Domestic Supply Price Index increased by 4.3% YoY, up from 2.7% in May. This was the biggest rise since November 2022, driven mainly by an 11.4% increase in fuel prices.

  
            Sources: Statistics Sweden, Statistics Singapore, and Bloomberg.


Domestic Market Update

• On July 29th, 2024, the yield on the 10-year Indonesian government bond closed at 6.9813%, a slight decrease of 1.75 basis points from the previous Friday. Meanwhile, the ICBI reached its highest level in six months and five years, closing at 383.9000.
• According to the Ministry of Investment Indonesia/BKPM, Foreign Direct Investment (FDI) for the first half of 2024 increased significantly by 16.1% YoY, reaching IDR 421.7 trillion. The Basic Metal Sector, including Metal Products (excluding Machinery and Equipment), was the largest contributor, accounting for 25.4% of the total, or USD 7.1 billion. Singapore was the top investor, with USD 8.9 billion in investments.
• Based on information from KSEI, the Indonesian Government will pay the 16th coupon for its SBSN Seri PBSNTQ01, which carries an annual interest rate of 6.37%, on August 27th, 2024. The record date for this coupon payment is August 23rd, 2024

           Sources: Ministry of Investment Indonesia/BKPM, KSEI, and PHEI.

Market Projection
We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.9036% - 7.0431% for tomorrow. Recommendations: FR0102, FR0081, FR0100, FR0091, and FR0097.

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