Market Data During last week’s trading, Jakarta Composite Index (JCI) closed at 6,093.76, gaining 0.94%. Foreign investors recorded a net sell of IDR 2.45 trillion in the all market and IDR 2.54 trillion in the regular market. The largest foreign net buying was recorded in ULTJ (IDR 111.5 billion), MEDC (IDR 48.5 billion), EMAS (IDR 42.1 billion), DSSA (IDR 36.1 billion), and ENRG (IDR 23.7 billion). Meanwhile, the largest foreign net selling was recorded in GOTO (IDR 663.2 billion), BBCA (IDR 293.5 billion), BMRI (IDR 235.6 billion), BBRI (IDR 183.2 billion), and TLKM (IDR 170.3 billion). GLOBAL SENTIMENT: US equity indices closed higher on Friday (October 09), supported by expectations of a solid quarterly earnings season. S&P 500 rose 0.59%, Nasdaq 100 gained 0.64%, while Dow Jones advanced 423 points. Gains were also supported by AI-related technology stocks, with Alphabet rising 1%, Microsoft gaining 2.4%, and Amazon surging 3.3%, amid optimism that OpenAI’s annualized revenue could exceed US$70 billion by year-end. Investors are also awaiting earnings reports from major US banks next week, which are expected to generate nearly US$19 billion in stock-trading revenue. In the commodities market, crude oil prices hovered around US$91.50 per barrel after the US temporarily authorized Russian diesel supplies to enter the global market, with a proposed volume of approximately 22.5 million barrels. However, the US–Iran conflict continues to disrupt shipping through the Strait of Hormuz, pushing freight rates to record highs and limiting vessel availability. Oil prices remain exposed to geopolitical uncertainty, although additional Russian diesel supplies could help ease global supply pressures. DOMESTIC SENTIMENT: The Indonesian government’s interest payments on debt reached IDR 444.5 trillion as of September 2026, comprising IDR 413 trillion in domestic debt interest and IDR 31.5 trillion in external debt interest. Meanwhile, the state budget (APBN) recorded a deficit of IDR 319 trillion, equivalent to 1.24% of GDP, while the primary balance remained in surplus at IDR 125.5 trillion. Net debt financing reached IDR 494.3 trillion, or 59.4% of the 2026 state budget target, reflecting significant government financing requirements, although fiscal management remains on track according to the Ministry of Finance. Separately, Indonesia and Egypt agreed to increase bilateral trade to US$5 billion by 2030 through plans to establish an Economic Partnership Agreement (EPA) and a joint investment fund. The agreement could create opportunities to expand market access, attract investment, and strengthen cooperation in trade, maritime affairs, fisheries, and the defense industry. THIS WEEK’S OUTLOOK: Global markets will focus on the US Consumer Price Index (CPI), which is expected to rise to 3.7% YoY from 3.4% YoY previously, while core inflation is projected to increase to 2.5% YoY from 2.4% YoY. Meanwhile, the Producer Price Index (PPI) is expected to remain at 5.4% YoY, while retail sales growth is projected to slow to 0.3% MoM from 1.2% MoM. These releases will be closely monitored as investors assess the Federal Reserve’s monetary policy outlook. FROM CHINA: Inflation is expected to increase to 1.0% YoY from 0.8% YoY previously, while PPI is projected to rise to 4.5% YoY from 3.8% YoY. The trade surplus is expected to narrow to US$114.5 billion from US$119.1 billion. Export growth is projected to edge up to 25.3% YoY from 25.0% YoY, while import growth is expected to slow to 23.5% YoY from 28.2% YoY. FROM INDONESIA: Market participants will monitor global market developments, the rupiah exchange rate, and foreign fund flows in the equity and bond markets. Persistent US inflationary pressures and expectations surrounding the Federal Reserve’s monetary policy could influence global bond yields, foreign capital flows, and rupiah stability, remaining key considerations for investors assessing the outlook for Indonesia’s domestic financial markets. Stockpick: AADI, CDIA, TLKM.