Market Data In last week’s trading, Jakarta Composite Index (JCI) closed at 6,236.13 (+0.64%). Foreign investors recorded a net buy of IDR 7.10 trillion across all markets, while posting a net sell of IDR 1.40 trillion in the Regular Market. Foreign investors recorded net inflows into BBCA (IDR 426.6B), TINS (IDR 243.9B), BRPT (IDR 106.8B), INCO (IDR 79.6B), and BACH (IDR 68.5B). Meanwhile, the largest foreign net sellings were recorded in TPIA (IDR 413.1B), EMAS (IDR 253.5B), ANTM (IDR 203.2B), AMMN (IDR 187.2B), and BUMI (IDR 172.9B). Oil prices advanced amid escalating geopolitical tensions in the Middle East and Eastern Europe. Reports of Iran’s actions in the Strait of Hormuz, continued conflict in the Red Sea, declining US crude inventories, and threats to Russian oil export infrastructure heightened concerns over global supply disruptions. Meanwhile, the 30-year US Treasury yield climbed to its highest level in 19 years as markets anticipated the Federal Reserve would maintain a restrictive monetary policy. Separately, Japan and the United States reportedly conducted a joint foreign exchange intervention to support the yen after it weakened to a 40-year low, aiming to preserve global financial market stability. Domestically, the government reported that investment in Special Economic Zones (SEZs) reached IDR 32 trillion in 1H26, consisting of IDR 24 trillion in foreign direct investment (FDI) and IDR 8 trillion in domestic investment (DDI), highlighting resilient investment appetite despite global uncertainty. Meanwhile, Danantara postponed its planned long-term US dollar bond issuance due to elevated US Treasury yields and investors’ demands for higher returns, opting to wait for more favorable market conditions. This week, global investors will focus on key US economic data, including July ISM Manufacturing PMI (Prev: 53.3; Cons: 54.0), June JOLTs Job Openings (Prev: 7.594 million; Cons: 7.25 million), July ADP Employment Change (Prev: 98K; Cons: 75K), July ISM Services PMI (Prev: 54.0; Cons: 54.2), Initial Jobless Claims (Prev: 197K; Cons: 200K), as well as the July Nonfarm Payrolls report (Prev: 57K; Cons: 91K) and Unemployment Rate (Prev: 4.2%; Cons: 4.3%), which are expected to provide further guidance on the Fed’s policy outlook. In China, investors will monitor the July RatingDog Manufacturing PMI (Prev: 51.7; Cons: 51.5), Services PMI (Prev: 54.1; Cons: 53.7), Composite PMI (Prev: 53.6; Cons: 53.0), July Trade Balance (Prev: US$125.62 billion; Cons: US$112.5 billion), as well as July CPI (Prev: 1.0%; Forecast: 0.9%) and PPI (Prev: 4.1%; Forecast: 4.3%) for clues on the strength of China’s economic recovery. In Indonesia, market participants will watch the July S&P Global Manufacturing PMI (Prev: 46.9), June Trade Balance (Prev: US$1.61 billion deficit; Cons: US$0.79 billion deficit), July Headline Inflation (Prev: 3.34% YoY; Cons: 3.20% YoY), Core Inflation (Prev: 2.76% YoY; Cons: 2.80% YoY), 2Q26 GDP Growth (Prev: 5.61% YoY; Forecast: 5.30% YoY), Quarterly GDP Growth (Prev: -0.77% QoQ; Forecast: -0.20% QoQ), and July Foreign Exchange Reserves (Prev: US$145.6 billion). Stockpick: BBYB, DEWA, NCKL.