MARKETS EYE FED SIGNALS WHILE INDONESIA TIGHTENS COAL EXPORT RULES In last week’s trading, the Jakarta Composite Index (JCI) closed at 5,875.78, down 0.35%. Foreign investors recorded a net sell of IDR 2.73 trillion across all markets and IDR 2.95 trillion in the Regular Market. Foreign investors posted net buys in ANTM (IDR 129.4B), DSSA (IDR 115.5B), BRPT (IDR 74.5B), BREN (IDR 65.3B), and AMMN (IDR 64.0B). Meanwhile, the largest foreign net sells were seen in BBRI (IDR 1.08T), BBCA (IDR 717.3B), BMRI (IDR 363.1B), MAPI (IDR 227.5B), and ASII (IDR 195.2B). Global investors are currently focused on easing expectations of a Federal Reserve rate hike following weaker-than-expected U.S. labor market data and more dovish remarks from Fed officials, which have improved risk appetite. The shift in sentiment supported a rebound in technology stocks, particularly semiconductor and AI-related names, while Tesla’s strong vehicle deliveries and stronger-than-expected expansion in China’s services sector further boosted optimism over the global economic outlook. Domestically, the Indonesian government has tightened coal export supervision through Minister of Finance Regulation No. 31/MK/BC/2026, requiring exporters to obtain Registered Exporter (ET) status or an official certificate, along with a Surveyor Report, replacing the previous regulation. Meanwhile, the government is moving forward with the gradual implementation of its Visa-Free Visit (BVK) policy by reducing the list of eligible countries to 7+1 priority nations. The policy is projected to increase international tourist arrivals by up to 32.4% and generate an additional IDR 15.6–36.1 trillion in tourism foreign exchange earnings. This week, market attention will turn to several key economic releases. In the U.S., investors will monitor the June ISM Services PMI (Prev: 54.5; Cons: 54.2), May Trade Balance (Prev: -US$55.9B; Cons: -US$78.8B), the FOMC Minutes, and Initial Jobless Claims (Prev: 215K; Cons: 219K) for further clues on the Fed’s policy outlook. In China, the focus will be on June CPI (Prev: 1.2%; Cons: 1.2%) and June PPI (Prev: 3.9%; Cons: 4.1%) as indicators of inflationary pressure and overall economic conditions. In Indonesia, investors will watch June Foreign Exchange Reserves (Prev: US$144.9B; Forecast: US$145.0B), the June Consumer Confidence Index (Prev: 120.9; Forecast: 125.0), and May Retail Sales (Prev: -3.7% YoY; Forecast: 2.0% YoY) to gauge the strength of domestic demand. Stockpick: BUVA, DEWA, JPFA.