External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>US facing headwinds with the latest Beige Book indicating a dimmer outlook, while China’s stimulus brings new hope of growth revival.</li><li>Subdued corporate tax driven by moderating commodity prices last year, would lead to tight fiscal space. SAL usage should provide support.</li><li>The Tapera Fund will affect consumption in the ST but provide a larger safety net in the LT and will supporting safer investment assets.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

US facing headwinds with the latest Beige Book indicating a dimmer outlook, while China’s stimulus brings new hope of growth revival.Subdued corporate tax driven by moderating commodity prices last year, would lead to tight fiscal space. SAL usage should provide support.The Tapera Fund will affect consumption in the ST but provide a larger safety net in the LT and will supporting safer investment assets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macro Strategy: The Headwinds And Tailwinds

<ul><li>BI’s key message signals greater stability ahead, with the intermediary function staying robust. Rising SRBI yields led to higher foreign inflows.</li><li>Insights into next year’s fiscal posture: rising budget for priority spending, higher fiscal deficit posture and higher INDOGB yields.</li><li>The return of foreign inflows on a more stable macro landscape, with May on the way to being the first month with bond inflows this year.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BI’s key message signals greater stability ahead, with the intermediary function staying robust. Rising SRBI yields led to higher foreign inflows.Insights into next year’s fiscal posture: rising budget for priority spending, higher fiscal deficit posture and higher INDOGB yields.The return of foreign inflows on a more stable macro landscape, with May on the way to being the first month with bond inflows this year.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macro Strategy: Insights from Monetary and Fiscal Policies

<ul>
<li>Fiscal spending is on the move, with Jan expenditure surging 30.2% y-y despite a 7.2% decline in revenue. We anticipate further growth in Feb.</li>
<li>While bank Indonesia expect rate cuts in 2H24, the PBOC made its first cut on its 5-yr Loan Prime Rate to support the ailing growth outlook.</li>
<li>Targeting a 23% tax ratio, the formation of a State Revenue Agency is being considered, although this would need support from parliament.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Fiscal spending is on the move, with Jan expenditure surging 30.2% y-y despite a 7.2% decline in revenue. We anticipate further growth in Feb.
While bank Indonesia expect rate cuts in 2H24, the PBOC made its first cut on its 5-yr Loan Prime Rate to support the ailing growth outlook.
Targeting a 23% tax ratio, the formation of a State Revenue Agency is being considered, although this would need support from parliament.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Weekly Update Economic & Fixed Income Research Monday, February 26 , 2024

Podcast Exploring Themes Driving Global Markets, Nomura - The Week Ahead

Nomura – The Week Ahead

Podcast Exploring Themes Driving Global Markets

Nomura - The Week Ahead

We explore the main themes that will drive global markets over the coming week, discussing the key market moving events and risks to keep on your radar.

Cross Asset Strategy

<ul><li>Global markets experienced a wobble following a stronger than expected US CPI inflation report, causing a spike in bond yields and a dip in equity markets.</li><li>The US CPI report breaks the trend of positive data and has implications for the Fed's rate cut decisions. While inflation is expected to moderate this year, it will take several data points to confirm this.</li><li>The upcoming minutes from the January FOMC meeting will provide more details on the Fed's thinking regarding rate cuts and adjustments to the pace of balance sheet rundown.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global markets experienced a wobble following a stronger than expected US CPI inflation report, causing a spike in bond yields and a dip in equity markets.The US CPI report breaks the trend of positive data and has implications for the Fed's rate cut decisions. While inflation is expected to moderate this year, it will take several data points to confirm this.The upcoming minutes from the January FOMC meeting will provide more details on the Fed's thinking regarding rate cuts and adjustments to the pace of balance sheet rundown.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Week Ahead - Fed Meeting Minutes, Central Bank Meetings in Indonesia and Korea

<ul><li>GDP grew 5.04% in 4Q23, slightly ahead of expectations. Modest Household consumption growth was offset by higher investment.</li><li>1Q24 GDP is likely to remain elevated at the 5% level, underpinned by higher social aid and the infusion of election-related funds.</li><li>Bank Indonesia will not rush to cut rates: IDR strengthening is key &amp; no plans to modify its current Reserve Requirement Ratio policy</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GDP grew 5.04% in 4Q23, slightly ahead of expectations. Modest Household consumption growth was offset by higher investment.1Q24 GDP is likely to remain elevated at the 5% level, underpinned by higher social aid and the infusion of election-related funds.Bank Indonesia will not rush to cut rates: IDR strengthening is key &amp; no plans to modify its current Reserve Requirement Ratio policyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macro Strategy: Assessment on the Growth and Rates Outlook

Indonesia

The Indonesian rupiah is the official currency of the Republic of Indonesia. 

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Macro Strategy: The Headwinds And Tailwinds

US facing headwinds with the latest Beige Book indicating a dimmer outlook, while China’s stimulus brings new hope of growth revival.

BRI Danareksa Research

Macro Strategy: Insights from Monetary and Fiscal Policies

BI’s key message signals greater stability ahead, with the intermediary function staying robust. Rising SRBI yields led to higher foreign inflows.

BRI Danareksa Research

BRIDS Weekly Update Economic & Fixed Income Research Monday, February 26 , 2024

Fiscal spending is on the move, with Jan expenditure surging 30.2% y-y despite a 7.2% decline in revenue. We anticipate further growth in Feb.

BRI Danareksa Research

The Week Ahead - Fed Meeting Minutes, Central Bank Meetings in Indonesia and Korea

The stronger than expected US CPI inflation report caused turbulence in global markets, leading to a spike in bond yields, a dip in equity markets,...

Nomura – The Week Ahead

Macro Strategy: Assessment on the Growth and Rates Outlook

GDP grew 5.04% in 4Q23, slightly ahead of expectations. Modest Household consumption growth was offset by higher investment.

BRI Danareksa Research

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