HIGHLIGHTS
- The yield on 10-year Indonesian government bonds stood at 6.868% as of April 30, 2025, slightly lower than 6.888% recorded on the previous day. Meanwhile, UST 10yr yield rose by 8 bps to 4.25% yesterday.
- The total trading volume of government bonds reached IDR50.41 trillion, driven primarily by short-term instruments (maturities of less than five years). This was higher than both the previous day’s volume of IDR48.04 trillion and the year-to-date average of IDR48.53 trillion. Outright transactions amounted to IDR31.97 trillion, also increasing from IDR25.48 trillion in the prior session.
- Corporate bond trading volume totaled IDR4.19 trillion, also dominated by short-term tenors (less than five years). This marked an increase from the previous day’s volume of IDR3.35 trillion and surpassed the year-to-date average of IDR2.90 trillion. Outright transactions likewise rose to IDR4.19 trillion, compared to IDR3.30 trillion in the prior session.
- The Indonesian Rupiah strengthened 0.96% against the US Dollar to IDR16,601 from IDR16,762. Meanwhile, the Jakarta Composite Index (JCI) advanced by 0.26% to 6,767 from 6,749. In contrast, Brent crude oil prices declined from USD65.85 to USD64.35 per barrel, while WTI Cushing crude dropped from USD62.05 to USD60.42 per barrel.
GLOBAL UPDATES
- US Core PCE was unchanged in Mar-25 with 0% m-m, bringing the annual core PCE to 2.6%. The headline PCE rose 2.3% y-y. (Bloomberg)
- US economy shrank 0.3% in 1Q25, the first contraction since 2022, driven by a surge in pre-tariff imports and weaker consumer spending. Net exports cut nearly 5 percentage points from GDP, while consumer spending rose just 1.8%, the slowest since mid-2023. Business investment in equipment was a bright spot, jumping 22.5%. (Bloomberg)
DOMESTIC UPDATES
- Indonesia’s 3M25 fiscal performance showed revenue at IDR516.1tn (-16.8% y-y) and spending at IDR620.3tn (+1.4% y-y), resulting in a fiscal deficit of IDR104.2tn (-0.4% of GDP) and a primary surplus of IDR17.5tn. Tax revenue remained weak at -18.1% y-y, though improving from -30.2% y-y in 2M25, while VAT collection fell 3.9% y-y. Spending picked up in Mar-25 following IDR86.6tn reallocation under the IDR306.7tn budget efficiency plan. The government also signaled an additional IDR100tn may support the MBG program, targeting full rollout to 82 million recipients by 4Q25. (MoF)
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