HIGHLIGHTS

  1. Yield of 10-year Indonesia Government Bonds is 6.949% on April 16, 2025, vs 6.967% the day before. Meanwhile, UST 10yr yield declined 6bps to 4.29% yesterday.
  2. Government bonds volume was IDR60.13 trillion, and it was dominated by short term (< 5 years). It was increased than the previous day transaction of IDR47.57 trillion. The volume higher than its YTD average of IDR48.53 trillion. While the outright transaction reached IDR21.61 trilion dropped from the previous day's transaction which amount to IDR26.63 trilion.
  3. Meanwhile, the total volume of corporate bonds was recorded at IDR5,013 billion, dominated by short term (< 5 years). The transaction volume advanced compared to the previous day's volume of IDR4,419 billion. The volume higher compared to this year's average of IDR2,775 billion. Meanwhile, outright transaction recorded at IDR5,013 billion was up from the previous day's transaction of IDR4,385 billion.
  4. The Rupiah exchange rate against the US Dollar weakened by 0.06% to IDR16,825 from IDR16,815 while the JCI dropped -0.65% from 6,442 to 6,400. Then Brent declined from 66.81 to 66.34 USD per barrel, while WTI Cushing Crude Oil Spot price dropped from 61.53 to 61.33 USD per barrel.

GLOBAL UPDATES

  1. The Fed Chairman Jerome Powell reaffirmed the Fed’s commitment to preventing tariff-driven price spikes from fueling persistent inflation, emphasizing the need to keep long-term expectations anchored. He reiterated the Fed’s dual mandate of stable prices and maximum employment, and stressed the institution’s legal independence from politics. (Bloomberg)
  2. China’s 1Q25 GDP grew 5.4%, beating expectations but lagged in nominal growth due to deflation. Industrial output rose 7.7% and retail sales 5.9%, signaling stronger consumption, though supply still leads demand. Housing showed early stabilization, but investment and starts remain weak. April trade data hints at slowing momentum as US tariffs weigh where urgent stimulus may be needed. (Bloomberg)

DOMESTIC UPDATES

  1. Bank Indonesia estimated March 2025 retail sales growth at 0.5% y-y, raising 1Q25 growth to 1% y-y after revisions. Excluding 2020, this was the weakest Ramadhan performance on record, with FnB sales—typically a key driver—up just 1.4%, far below the usual 10% average. (Bank Indonesia)

 

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