Global Market Update

• On October 22nd, 2024, the US 10-Year Government Bond yield closed at 4.2076%, a slight increase of 1.2-bps compared to yesterday.
• The IMF lowered its 2025 global growth forecast to 3.2%, down 0.1% from July, while maintaining this year's estimate at 3.2%. It highlighted rising risks like conflicts and protectionism but commended central banks for managing inflation without triggering recessions. The US GDP forecast for 2024 was revised up to 2.8%, driven by stronger consumption and investment.
• South Korea's Consumer Sentiment Index increased to 101.7 in October 2024, up from 100 in September. Future expectations for income, spending, and economic conditions all improved slightly. Inflation is expected to be 2.8% in one year.

            Sources: IMF, The Bank of Korea, Bloomberg, and Trading Economics.

Domestic Market Update

• On October 22nd, 2024, the Indonesia Government Bond 10 Years Yield closed at 6.7439%.
• In September 2024, Indonesia's broad money supply (M2) grew steadily to Rp9,044.9 trillion, up 7.2% from a year earlier. This growth was supported by a 6.9% rise in narrow money (M1) and a 5.3% increase in quasi-money. Credit disbursement expanded by 10.4%, slightly down from 10.9% the month before, showing continued strong loan demand. Net claims on the central government also rose by 12.3%, while net foreign assets contracted by 0.3%, improving from the 1.1% drop in the previous month.
• PEFINDO assigned an idA rating with a stable outlook to PT Bank Pembangunan Daerah Kalimantan Barat (Bank Kalbar), reflecting its strong regional market, robust capitalization, and liquidity.

         
            Sources: Bank Indonesia, PEFINDO, PHEI, and Bloomberg.


Market Projection
We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.6458% - 6.7800% for Today. Recommendations: FR0102, FR0089, FR0100, FR0062, FR0103, PBS038, PBS033, PBS005, ORI023T6, ORI025T6 and ORI024T6.

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