Global Market Update
- On December 23rd, 2024, the U.S. 10 Years Yield closed at 4.5865%.
- Singapore’s annual inflation rose to 1.6% in November 2024, up from October’s 3.5-year low of 1.4% but below the 1.8% forecast. Healthcare costs accelerated (2.6% vs. 2.1%), driven by outpatient services, while transport costs increased by 0.5%, reversing a 0.9% decline.
- The British economy grew 0.9% year-on-year in Q3 2024, revised from 1%, its fastest since Q1 2023. Household spending, business investment, and exports improved, while government spending and imports rose less than initially estimated.
Sources: Statistics Singapore, Office for National Statistics – UK, Trading Economics, and Bloomberg.
Domestic Market Update
- On December 23rd, 2024, the Indonesia Government Bond 10 Years Yield closed at 7.0921%.
- Economic liquidity (M2) grew 7.0% yoy in November 2024, reaching Rp9,175.8 trillion, up from 6.8% in October. The growth was driven by M1 (9.1% yoy), quasi-money (2.3% yoy), credit disbursement (10.1% yoy), and net claims on the central government
- PEFINDO has assigned an idA+ rating to PT Merdeka Copper Gold Tbk (MDKA)’s proposed Shelf Registered Bond V 2024 (max IDR15 trillion) and affirmed the same rating for MDKA, Shelf Registered Bonds III and IV. The outlook is stable. The rating reflects MDKA’s integrated operations, diversified business, and sizeable reserves, offset by its moderate financial policy and exposure to commodity price fluctuations.
Sources: Bank Indonesia, PEFINDO and PHEI.
Market Projection
We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.9553% – 7.0959% for Today. Recommendations: FR0102, FR0089, FR0105, FR0092, FR0062, PBS038, PBS033, PBS005, ORI023T6, ORI025T6 and ORI024T6.