Market Data Last week, Jakarta Composite Index (JCI) closed at 6,409.65, up 2.78%. Foreign investors recorded a net buy of IDR 694.77 billion across all markets, while posting a net sell of IDR 494.87 billion in the Regular Market. The largest foreign net inflows were recorded in BBRI (IDR 559.0B), TINS (IDR 385.5B), DSSA (IDR 302.0B), ANTM (IDR 215.7B), and BRPT (IDR 177.4B). Meanwhile, the largest net sellings were recorded in EMAS (IDR 272.4B), ASII (IDR 216.2B), AMMN (IDR 193.6B), TPIA (IDR 155.1B), and BULL (IDR 112.4B). Globally, oil prices rose around 1% to US$78.2 per barrel but remained down more than 7% WoW, as markets monitored the potential reopening of the Strait of Hormuz following possible negotiations between Iran and Oman. However, geopolitical uncertainty remains elevated amid reports of attacks on vessels transiting the Strait. Meanwhile, weaker-than-expected US nonfarm payrolls, which declined by 23,000, eased labor market-related inflation concerns and pushed US Treasury yields lower, supporting rate-sensitive equities. Domestically, the government has been advised to postpone the 0.5% PPh 22 marketplace tax until 2027 if purchasing power has yet to recover. Household consumption grew by around 5.06% YoY in 2Q26 but has yet to show a strong acceleration. Meanwhile, Danantara invested US$2.5 billion (IDR 44.75 trillion) to acquire a 25% stake in a JV with JBS, aimed at strengthening Indonesia’s protein supply chain. The impact on reducing beef import dependence will depend on the allocation toward domestic upstream sectors, including breeding, feed, and partnerships with local farmers. This week, investors will focus on key economic data from the US, China, and Indonesia. In the US, July CPI will be the main highlight, with headline inflation expected at 3.4% YoY and core CPI at 2.5% YoY. Markets will also monitor July PPI, initial jobless claims, and retail sales to gauge inflation, labor market conditions, and consumer spending. In China, new yuan loans, total social financing, and M2 money supply will provide insights into liquidity conditions and economic recovery momentum. Domestically, the July Consumer Confidence Index, June retail sales, and July motorcycle and car sales will be key indicators of domestic consumption resilience and economic growth momentum. Stockpick: BUMI, BUVA, JSMR.