Global Market Update

• On November 11, 2024, the U.S. bond markets were closed for the Veterans Day holiday.
  
• Australia’s NAB business confidence index rose to 5 in October from -2 in September, its first positive reading in three months and highest since January 2023. Business conditions stayed strong at 7, with stable sales, profitability, and a slight dip in employment intentions.
  
• China’s vehicle sales jumped 7% YoY to 3.05 million in October 2024, reversing a 1.7% drop in September. This rebound was supported by government incentives, auto shows, promotions, and new model launches, per CAAM.
  

            Sources: National Australia Bank, China Association of Automobile Manufacturers, Trading Economics, and Bloomberg.


Domestic Market Update

• On November 11th, 2024, the Indonesia Government Bond 10 Years Yield closed at 6.8287%.
  
• The Consumer Survey by Bank Indonesia in October 2024 showed that consumer confidence in the economic situation remains optimistic. This is reflected in the Consumer Confidence Index (CCI) for October 2024, recorded at 121.1. The steady confidence level in October 2024 is supported by the Current Economic Condition Index (CECI) and the Consumer Expectation Index (CEI), which are 109.9 and 132.4, respectively.
  
• Fitch Ratings has assigned 'AA+(idn)' National Long-Term Rating to PT Tower Bersama Infrastructure Tbk's (TBI) planned IDR 2 trillion bond issuance. This rating matches TBI's National Long-Term Rating, as the bond is a senior unsecured debt. This issuance is the fourth under TBI's IDR 20 trillion bond program, and the funds will be used to refinance existing debt.
  

            Sources: Fitch Ratings, Bank Indonesia, PHEI, and Bloomberg.




Market Projection
We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.7766% - 6.9135% for Today. Recommendations: FR0102, FR0089, FR0105, FR0100, FR0062, PBS038, PBS033, PBS005, ORI023T6, ORI025T6 and ORI024T6.

DOWNLOAD FULL REPORT HERE