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BRI Danareksa Research

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. 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.

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>Over the past week, the Rupiah depreciated by 0.92% against the US Dollar to IDR 16,741 per USD, while the US Dollar strengthened by 0.75% to 98.37.</li><li>The appreciation of the dollar was externally driven by: (1) strongerthan-expected U.S. macroeconomic indicators, including final Q2 GDP growth of 3.8% q-q—revised higher due to additional consumer spending data—and core PCE inflation holding steady at 2.9% in August, in line with forecasts; (2) expectations of a less aggressive rate-cut trajectory following the September FOMC meeting, as reflected in the dot plot projection of two cuts in 2025 and one in 2026, reinforced by less-dovish remarks from several Fed members; and (3) strengthening dollar index against other major currencies.</li><li>Domestically, markets remain in search of equilibrium following the appointment of Finance Minister Sadewa, whose pro-growth stance has raised some concerns, alongside the lingering impact of Bank Indonesia’s third surprise rate cut.</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>

Over the past week, the Rupiah depreciated by 0.92% against the US Dollar to IDR 16,741 per USD, while the US Dollar strengthened by 0.75% to 98.37.The appreciation of the dollar was externally driven by: (1) strongerthan-expected U.S. macroeconomic indicators, including final Q2 GDP growth of 3.8% q-q—revised higher due to additional consumer spending data—and core PCE inflation holding steady at 2.9% in August, in line with forecasts; (2) expectations of a less aggressive rate-cut trajectory following the September FOMC meeting, as reflected in the dot plot projection of two cuts in 2025 and one in 2026, reinforced by less-dovish remarks from several Fed members; and (3) strengthening dollar index against other major currencies.Domestically, markets remain in search of equilibrium following the appointment of Finance Minister Sadewa, whose pro-growth stance has raised some concerns, alongside the lingering impact of Bank Indonesia’s third surprise rate cut.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, Sep 29, 2025