Market Update: JCI Ends Higher, Global Shares Under Pressure
• Indonesian stocks edged up despite losses in global markets on fears over slowing economy and U.S.-Chino tension.
• Asia and Europe stocks continued a decline from Wall Street on Tuesday, and U.S. long-term Treasury yields sank to a four-month low as investors worried about the risk of global recession and amid jitters about an escalation in Sino-U.S. tension with U.S. House of Representatives Speaker Nancy Pelosi set to begin a visit to Taiwan against the objections of China
• The Reserve Bank of Australia raised the interest rate by 50 bps to 1.85% during its August 2022 meeting, following a 50-bps hike in July and June and a 25-bps rise in May, bringing the rate to a level not seen since April 2016.
Indonesian stocks edged up despite losses in global markets on fears over slowing economy and U.S.-Chino tension.
Jakarta composite climbed 19.374 points (+0.278%) to 6,988.157 while LQ45 rose 0.674% to 988.612. There were 22.638 billion shares traded worth of Rp12.966 trillion, including transaction of Rp719.92 billion in negotiation market. 189 shares rose while 349 declined and 138 unchanged.
According to JISDOR Tuesday afternoon, rupiah slipped 14 points (-0.09%) to 14,888 while spot rate weakened 13 points (-0.09%) to 14,883.
BIPI acquired PTT Mining Ltd Hong Kong for $471 million. The transaction is expected to be completed in the fourth quarter of 2022.
PT Utama Radar Cahaya Tbk became the 30th listed company on the IDX in 2022 to list its initial shares with the stock code RCCC. The company offered 750 million shares, consisting of 600 million founder shares and 150 million shares at Rp135 per share with a nominal value of Rp25 per share.
Global markets
- Asia and Europe stocks continued a decline from Wall Street on Tuesday, and U.S. long-term Treasury yields sank to a four-month low as investors worried about the risk of global recession and amid jitters about an escalation in Sino-U.S. tension with U.S. House of Representatives Speaker Nancy Pelosi set to begin a visit to Taiwan against the objections of China
- The Reserve Bank of Australia raised the interest rate by 50 bps to 1.85% during its August 2022 meeting, following a 50-bps hike in July and June and a 25-bps rise in May, bringing the rate to a level not seen since April 2016.
Commodities
- Oil prices dropped again on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week to determine whether to increase supply.
- Meanwhile, gold prices rose as signs of weakening economic activity across the globe drove demand for the safe haven, while copper prices extended losses into a third consecutive day.
- Nickel tumbled more than 5%. Indonesia plans to issue a nickel export tax policy in the third quarter of the year, as authorities seek to boost revenue from exports while encouraging more domestic production of higher-value products, a senior official said on Monday.
Major index this afternoon:
STOXX 50.. 3,678.46 (-0.76%)
CAC 40.. 6,406.36 (-0.47%)
DAX.. 13,392.73 (-0.64%)
FTSE.. 7,425.29 (+0.16%)
NIKKEI.. 27,594.73 (-1.42%)
HSI.. 19,689.21 (-2.36%)
SHCOMP.. 3,186.27 (-2.26%)
TAIEX.. 14,747.23 (-1.56%)
KOSPI.. 2,439.62 (-0.52%)
S&P/ASX 200.. 6,998.10 (+0.07%)
SENSEX.. 58,315.43 (+0.34%)
STI.. 3,240.55 (+0.06%)
DOW FUT.. 32,623.00 (-0.44%)
S&P FUT.. 4,094.25 (-0.64%)
NASDAQ FUT.. 12,861.00 (-0.78%)
Crude Oil WTI.. 93.73 (-0.17%)
Brent Oil.. 99.64 (-0.39%)
Natural Gas.. 8.13 (-1.91%)
Gold.. 1,789.90 (+0.12%)
Silver.. 20.27 (-0.44%)
Copper.. 3.51 (-0.89%)
Nickel.. 24,199.50 (-5.07%)
For previous market review: Market Update: Stocks Edge Higher Following Fed’s Decision; Rupiah Recovers
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