Market Update: Equity Markets Rally on U.S. Inflation Data
• Indonesian stocks advanced amid rally in global markets as U.S. inflation cooled.
• U.S. Consumer prices rose 8.5% in July compared to the same period a year ago, a slightly better result than the 8.7% increase that economists polled by Dow Jones were expecting.
Indonesian stocks advanced amid rally in global markets following softer than expected U.S. inflation.
Jakarta composite jumped 74.149 points (+1.046%) to 7,160.385 while LQ45 rose 1.045% to 1,018.325. There were 29.707 billion shares traded worth of Rp15.524 trillion, including transaction of Rp1.278 trillion in negotiation market. 323 shares rose while 193 declined and 177 unchanged.
According to JISDOR Thursday afternoon, rupiah strengthened 76 points (+0.51%) to 14,799 while spot rate increased 105 points (+0.71%) to 14,765.
Indonesia’s exported 2.33 million tonnes of palm oil, including refined product in June, up 15% from the same month last year, Indonesian Palm Oil Association said in a statement on Thursday. Palm oil stocks at the end of June stood at 6.68 million tonnes, fell by 7.6% against the previous month as the country produced around 3.30 million tonnes of palm oil that month.
Global markets
- Asian shares advanced while European were mixed following cool U.S. inflation report that encouraged bets of less aggressive rate hikes from the Federal Reserve.
- U.S. Consumer prices rose 8.5% in July compared to the same period a year ago, a slightly better result than the 8.7% increase that economists polled by Dow Jones were expecting.
- Investors are now pricing in a 50 basis point hike by the Fed in September, down from earlier expectations of a 75 basis point hike.
- The People’s Bank of China, in its monetary policy report released Wednesday, highlighted the inflation risk that lies ahead. Official data on Wednesday showed China’s consumer price.
- Japan’s market is closed for a holiday Thursday.
Commodities
- Oil prices slipped on Thursday after gaining more than $1 in the previous session, as concerns over supply disruptions eased and markets looked for evidence of improving fuel demand.
- Gold prices slipped as fears of a U.S. recession were eased by soft inflation data, while copper prices stuck to five-week highs as the dollar retreated.
Major index this afternoon:
STOXX 50.. 3,750.99 (+0.04%)
CAC 40.. 6,527.47 (+0.06%)
DAX.. 13,694.05 (-0.05%)
FTSE.. 7,495.33 (-0.16%)
NIKKEI.. 27,819.33 (-0.65%)
HSI.. 20,082.43 (+2.4%)
SHCOMP.. 3,281.67 (+1.6%)
TAIEX.. 15,197.85 (+1.73%)
KOSPI.. 2,523.78 (+1.73%)
S&P/ASX 200.. 7,071.00 (+1.12%)
SENSEX.. 59,322.94 (+0.86%)
STI.. 3,298.92 (+0.38%)
DOW FUT.. 33,354.00 (+0.28%)
S&P FUT.. 4,218.25 (+0.2%)
NASDAQ FUT.. 13,408.50 (+0.12%)
Crude Oil WTI.. 92.66 (+0.79%)
Brent Oil.. 98.18 (+0.8%)
Natural Gas.. 8.29 (+1.04%)
Gold.. 1,804.85 (-0.49%)
Silver.. 20.45 (-1.39%)
Copper.. 3.67 (+0.67%)
Nickel.. 23,144.50 (+2.91%)
For previous market review: Market Update : JCI Extend Rally and Rupiah Climbs
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