Global Market Update
- On September 3rd, 2024, the US 10-Year Government Bond closed at 3.8310%, a decrease of 7.24 basis points after the Labor Day holiday.
- In July 2024, the US trade deficit grew to $78.8 billion, the largest since June 2022, up from $73 billion in June. Exports increased by 0.5% to a record $266.6 billion, driven by semiconductors and government goods, while imports jumped 2.1% to $345.4 billion, the highest since March 2022, led by computer accessories and intellectual property.
- In Q2-2024, Australia’s GDP increased by 0.2% QoQ and 1% YoY, the slowest growth since Q4-2020. This marked the 11th consecutive quarter of growth.
Sources: Bureau of Economic Analysis – US, Australian Bureau of Statistics, Bloomberg, and Trading Economics.
Domestic Market Update
- On September 4th, 2024, the Indonesia Government Bond Yield closed at 6.7160%, marking an increase of 15.6 basis points compared to last Monday.
- The Indonesian government issued two global bonds—RIEUR0932 (a EUR bond with an 8-year tenor, maturing on September 10th, 2032, 3.65% p.a) and RI0934 (a USD bond with a 30-year tenor, maturing on September 10th, 2054, 5.15% p.a)—to fund sustainable development programs under the SDGs Framework and to support the 2024 state budget.
- In Q2-2024, Indonesia’s International Investment Position (IIP) showed a reduced net liability. By the end of the quarter, the IIP’s net liability stood at USD247.3 billion, down from USD253.9 billion at the end of the previous quarter. This reduction in net liability was attributed to an increase in Foreign Financial Assets and a decrease in Foreign Financial Liabilities.
Sources: DJPPR Kemenkeu, Bank Indonesia, Bloomberg, and PHEI.
Market Projection
We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.6488% – 6.7832% for tomorrow. Recommendations: FR0100, FR0062, FR0088, FR0093, FR0091, PBS038, PBS033, PBS005, ORI023T6, ORI025T6 and ORI024T6.