- May is often linked to softer sentiment, but macro and policy factors likely outweigh seasonal effects on market performance.
- Focus is now on FOMC meeting, with the Fed expected to hold rates amid tariff uncertainty. markets still expect more cuts than Fed.
- Indonesia’s wider 3M25 fiscal deficit, weak April PMI, and soft consumption and investment likely dragged 1Q25 GDP to 4.92%.
HIGHLIGHTS
- Sell in May?
- The Fed vs Market Expectation
- Domestic Moderation Data Start to Emerge
- Capital Market: Still on The Uptrend
- Government Securities (SUN) Auction Plan: Tuesday, May 6, 2025
This Week Key Focus
- Indonesia GDP Growth – 1Q25 (Monday)
- US FOMC Meeting – May 2025 (Thursday)
- China Trade Balance – April 2025 (Friday)
Last week Key Events
DOMESTIC UPDATES
- U.S. job growth remained solid in April 2025,
- The Bank of Japan kept its policy rate at 0.5% in May-25,
- China’s factory activity contracted sharply in April 2025,
GLOBAL UPDATES
- Indonesia’s annual inflation rose to 1.95% in April 2025,
- Indonesia’s 3M25 fiscal deficit widened to IDR104.2tn (-0.4% of GDP)
- Indonesia’s Investment Ministry (BKPM) reported Q1-2025 investment realization at IDR465.2tn,
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