Kiwoom Research | Monthly Outlook - September 2026 September Has Historically Been Rough for the JCI - Will This Year Be Different? After a strong August rally (+4,52%), the JCI enters September 2026 against a rare confluence of cross-currents: the Fed openly weighing a hike instead of a cut, the ECB and BOJ turning more hawkish, unresolved geopolitical tension in the Strait of Hormuz — all while Indonesia's domestic fundamentals keep growing solidly. This report lays out KSI Research's top-down view: starting from regional sentiment, the global macro calendar, monetary policy, FX & commodities, before narrowing down to our JCI strategy for September. KIWOOM SEKURITAS INDONESIA