Global Market Update

• On September 10th, 2024, the US 10-Year Government Bond yield closed at 3.6423%, a decrease of 5.81-bps compared to the previous close.
• The US annual inflation rate slowed to 2.5% in August 2024, the lowest since February 2021, down from 2.9% in July and below forecasts of 2.6%. Energy costs dropped, led by gasoline (-10.3%) and fuel oil (-12.1%), while inflation eased for food (2.1%) and transportation (7.9%).
• The UK's real GDP showed no growth in both June and July 2024. Services output rose by 0.1% in July, while production fell by 0.8%. Annually, GDP grew by 1.2% in July. Quarterly GDP increased by 0.6% in Q2 2024, following a 0.7% rise in Q1.

            Sources: U.S. Bureau of Labor Statistics, Office for National Statistics - UK, Bloomberg, and Trading Economics.
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Domestic Market Update

• On September 11th, 2024, the Indonesia Government Bond Yield closed at 6.571%, marking its lowest level in six months, while the ICBI reached a six-month peak, hitting 392.2071.
• On September 12th, 2024, the Indonesian government will hold a debt switch auction for FR0104, FR0103, FR0098, FR0097, and FR0102, with a minimum bid of IDR 1 billion. Eligible source bonds for the auction include FR0081, FR0040, FR0084, FR0086, FR0037, FR0056, FR0090, FR0059, FR0042, FR0047, FR0064, and FR0095.
• PEFINDO has withdrawn the ratings for PT Angkasa Pura I and its bonds and sukuks following its merger into PT Angkasa Pura Indonesia (formerly PT Angkasa Pura II), effective September 9, 2024. 

           Sources: DJPPR Kemenkeu, PEFINDO, Bloomberg, and PHEI.

Market Projection
We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.6346% - 6.7686% for Tomorrow. Recommendations: FR0062, FR0088, FR0093, FR0091, FR0087, PBS038, PBS033, PBS005, ORI023T6, ORI025T6 and ORI024T6.

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