External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Donald Trump achieves a historic comeback, becoming the second U.S. president to serve non-consecutive terms.</li><li>As results come in from House races nationwide, control of the chamber remains at stake, with the outcomes likely influencing key decisions on healthcare, taxes, and immigration. </li><li>The potential impact of Trump's trade policies could indirectly affect Indonesia's economy, especially through shifts in global trade dynamics and tariffs.</li></ul><p><em>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.</em></p>

Donald Trump achieves a historic comeback, becoming the second U.S. president to serve non-consecutive terms.As results come in from House races nationwide, control of the chamber remains at stake, with the outcomes likely influencing key decisions on healthcare, taxes, and immigration. The potential impact of Trump's trade policies could indirectly affect Indonesia's economy, especially through shifts in global trade dynamics and tariffs.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 & Market Perspective - November 7, 2024

ASEAN Exchanges

Gateway to ASEAN Investment

ASEAN Exchanges is a collaboration among the exchanges in the ASEAN countries with the objectives of promoting greater integration of the ASEAN capital markets, enhancing the visibility of ASEAN as an asset class, and strengthening ASEAN as an attractive investment destination for both ASEAN and global investors.

Current participating ASEAN exchanges (“Member Exchanges”) are Bursa Malaysia Berhad, Indonesia Stock Exchange, The Philippine Stock Exchange, Singapore Exchange, The Stock Exchange of Thailand, and Vietnam Exchange.

Cross Asset Strategy

<ul>
<li data-start="0" data-end="142">
<p data-start="2" data-end="142">The ASEAN IPO market has undergone significant shifts from 2018 to 2023, mirroring global economic trends and regional political dynamics.</p>
</li>
<li data-start="144" data-end="258">
<p data-start="146" data-end="258">Compared to markets like the US, UK, and Hong Kong, ASEAN offers unique opportunities and challenges for IPOs.</p>
</li>
<li data-start="260" data-end="447" data-is-last-node="">
<p data-start="262" data-end="447" data-is-last-node="">In 2023, global supply chain disruptions, rising inflation, and geopolitical tensions led to market volatility, prompting investors to be cautious and some companies to delay IPO plans.</p>
</li>
</ul>



The ASEAN IPO market has undergone significant shifts from 2018 to 2023, mirroring global economic trends and regional political dynamics.


Compared to markets like the US, UK, and Hong Kong, ASEAN offers unique opportunities and challenges for IPOs.


In 2023, global supply chain disruptions, rising inflation, and geopolitical tensions led to market volatility, prompting investors to be cautious and some companies to delay IPO plans.



<ul>
<li data-start="2" data-end="219">Agriculture is a key driver of Southeast Asia’s economy, contributing 11% of ASEAN’s GDP in 2022 and employing about a third of the region’s workforce, with even higher shares in Myanmar, Cambodia, and Laos.</li>
<li data-start="221" data-end="356">
<p data-start="223" data-end="356">The sector plays a crucial role in ASEAN’s economic stability and food security, particularly in agriculture-centric countries.</p>
</li>
<li data-start="358" data-end="528" data-is-last-node="">
<p data-start="360" data-end="528" data-is-last-node="">With Southeast Asia’s population projected to grow by 780 million by 2050, food supply chains will face significant pressure, further intensified by climate change.</p>
</li>
</ul>


Agriculture is a key driver of Southeast Asia’s economy, contributing 11% of ASEAN’s GDP in 2022 and employing about a third of the region’s workforce, with even higher shares in Myanmar, Cambodia, and Laos.

The sector plays a crucial role in ASEAN’s economic stability and food security, particularly in agriculture-centric countries.


With Southeast Asia’s population projected to grow by 780 million by 2050, food supply chains will face significant pressure, further intensified by climate change.



ASEAN Agritech: Key Beneficiary of the AI Revolution

<ul><li data-start="0" data-end="185"><p data-start="2" data-end="185">Financial markets have sharply revised Fed policy expectations for 2024, shifting from anticipating seven rate cuts to just two (September and December) due to strong economic data.</p></li><li data-start="187" data-end="364"><p data-start="189" data-end="364">Bond investors previously pushed for permanently easy monetary policy post-GFC, reinforcing the secular stagnation thesis, even amid rising inflation after the pandemic.</p></li><li data-start="366" data-end="567" data-is-last-node=""><p data-start="368" data-end="567" data-is-last-node="">For the first time since the 2013 taper tantrum, bond investors are now more hawkish than the Fed, signaling a potential shift toward more realistic policy expectations after years of dovishness.</p></li></ul>

Financial markets have sharply revised Fed policy expectations for 2024, shifting from anticipating seven rate cuts to just two (September and December) due to strong economic data.Bond investors previously pushed for permanently easy monetary policy post-GFC, reinforcing the secular stagnation thesis, even amid rising inflation after the pandemic.For the first time since the 2013 taper tantrum, bond investors are now more hawkish than the Fed, signaling a potential shift toward more realistic policy expectations after years of dovishness.

Significant Shift in Fed Policy Expectations

Head of Research, Steno Research

Emil Moller

Head of Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<div>
<div>
<div>
<ul>
<li>Emerging market central banks demonstrated their foresight in 2021, acting ahead of the curve.</li>
<li>However, there is a looming concern that the resurgence in energy prices might pose a challenge for them, much like it did in 2022.</li>
</ul>
</div>
</div>
</div>
<div></div>
<ul>
<li>In our analysis last week, we delved into the situation in Turkey and arrived at the following conclusion: The capable technocratic approach is more likely to succeed than the resurgence of economic populism.</li>
</ul>





Emerging market central banks demonstrated their foresight in 2021, acting ahead of the curve.
However, there is a looming concern that the resurgence in energy prices might pose a challenge for them, much like it did in 2022.






In our analysis last week, we delved into the situation in Turkey and arrived at the following conclusion: The capable technocratic approach is more likely to succeed than the resurgence of economic populism.


EM by EM #20 Another Energy Squeeze in the Cards?

Indonesia

iShares MSCI Indonesia ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results that correspond to the performance of the MSCI Indonesia Investable Market Index.

iShares MSCI Indonesia ETF (EIDO US)

Macro & Market Perspective - November 7, 2024

The potential impact of Trump's trade policies could indirectly affect Indonesia's economy, especially through shifts in global trade dynamics and...

MNC Sekuritas

ASEAN IPO Capital Market Outlook

The ASEAN IPO market has undergone significant shifts from 2018 to 2023, mirroring global economic trends and regional political...

ASEAN Exchanges

ASEAN Agritech: Key Beneficiary of the AI Revolution

Agriculture is a key driver of Southeast Asia’s economy, contributing 11% of ASEAN’s GDP in 2022 and employing about a third of the region’s...

ASEAN Exchanges

Significant Shift in Fed Policy Expectations

Financial markets have sharply revised Fed policy expectations for 2024, shifting from anticipating seven rate cuts to just two (September and...

ASEAN Exchanges

EM by EM #20 Another Energy Squeeze in the Cards?

Emerging market central banks demonstrated their foresight in 2021, acting ahead of the curve. However, there is a looming concern that the...

Steno Research