Global Market Update

• On June 21st, 2024, the yield on the US 10-year Government Bond closed at 4.2554%, marking a slight decrease of 0.4-bps compared to the previous close
  
• In May 2024, Singapore's annual inflation rate increased to 3.1% from 2.7% in April, exceeding expectations of 3.0%. This is the highest rate since December 2023. Prices went up mainly for food (2.8%), housing (3.8%), transport (2.9%), recreation (5.0%), education (3.3%), healthcare (4.8%), and personal care items (1.6%)
  
• The trade balance of Saudi Arabia slightly contracted to SAR 41.4 billion in April 2024 from SAR 41.6 billion in April 2023. Comparatively, exports decreased by 1% to SAR 101.7 billion year-on-year, driven by lower sales of oil products (-4.2%), which accounted for 78% of total exports
  

          Sources: Bloomberg, Statistics Singapore, General Authority for Statistics, Saudi Arabia, Trading Economics and Binaartha.


            
Domestic Market Update

• On June 24th , 2024, the yield curve for the 10-year Indonesia Government Bond closed at a level of 7.1026%, marking a slight decrease of 0.72 basis points compared to yesterday
  
• Based on the Press Conference on the Current Economic Fundamentals and the 2025 State Budget (RAPBN) by the Ministry of Finance of Indonesia on June 24, 2024, it has been decided that the implementation of Makan Bergizi Gratis (MBG) will be carried out gradually, with the first year (2025) commencing with an allocation of approximately IDR 71 trillion in the 2025 State Budget (RAPBN).
  
• On June 24, 2024, the JISOR exchange rate closed at 16.431, representing a slight appreciation of 16-bps compared to the previous Friday.
  

           Sources: Ministry of Finance of the Republic of Indonesia, Bank Indonesia, PHEI, and Binaartha.

Market Projection
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We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.5460% - 7.2350% for tomorrow. Recommendations: FR0102, FR0089, FR0097, FR062, and FR0098.

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