Global Market Update

• On March 3rd, 2025, the U.S. market closed at level of 4.1551%.
  
• China’s Caixin Manufacturing PMI rose to 50.8 in February 2025, the highest since November, beating forecasts. Output and new orders grew, foreign sales rebounded, and firms increased buying, though employment remained weak. Backlogs rose, delivery times improved, and input costs increased slightly, while output prices fell. Business confidence strengthened for the second month.
• Euro Area inflation eased to 2.4% in February 2025 from 2.5% in January, slightly above forecasts. Price growth slowed for services and energy but rose for unprocessed food and industrial goods. Core inflation fell to 2.6%, its lowest since January 2022, signaling a gradual easing of inflationary pressures.
  

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


Domestic Market Update

• On March 3rd, 2025, the Indonesia Government Bond 10 Years Yield closed at 6.9075%.
  
• Indonesia experienced unexpected deflation of 0.09% YoY in February 2025, the first since March 2000, mainly due to a 12.08% drop in housing prices from electricity discounts. Inflation remained below Bank Indonesia’s 1.5%-3.5% target for the second month. Food and health price increases slowed, while transport inflation rose. Core inflation hit a 20-month high at 2.48%, exceeding forecasts. Monthly CPI fell 0.48%, marking the second consecutive decline.
  
• In February 2025, the National Wholesale Price Index (IHPB) showed a moderate increase, with a 1.30% year-on-year rise, driven mainly by metal products, machinery, and equipment.
  

            Sources: BPS, PHEI and Bloomberg.



Market Projection
We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.7799% - 6.9169% for Today. Recommendations: FR0102, FR0089, FR0105, FR0100, FR0062, PBS038, PBS033, PBS005, ORI023T6, ORI025T6 and ORI024T6.

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