Market Summary:

• Global Equity: Volatility over fed decision keeps markets steady. S&P500 +0.3% WoW, Nasdaq +0.9% WoW
• Domestic Equity: JCI +1.46% WoW entered a new psychological zone of 8600, large caps heavy IDX80 +0.3% WoW. Foreign inflow was +2.9tn WoW
• Domestic Bond Market: IndoGB rebounded to 6.2% from foreign inflow of IDR 11T from a combination of SUN and SRBI inflow

 

Key News of The Week:

• Indonesian economy showed gradual improvement, notably with a rebound in optimism showed by PMI, which expanded to 53.3 (prev: 51.2) with a moderate inflation of 2.7% YoY (slight decline due to moderating gold price). Trade and FX remains solid with USD 2.4bn of trade surplus and a rebound in FX reserve to USD 150.1bn

• US economy signals a slowdown as ADP employment data showed a sharp decline to -32k jobs addition in November. Additionally, ISM manufacturing PMI fell to 48.2 (prev: 48.7) with a note of increased unsold inventory, signaling slowing demand. With a slightly cooler PCE inflation of 2.8% YoY (prev: 2.9%) This increases odds of a fed rate cut in December.

• Bank of Japan threw a hawkish signal with Governor Ueda noting that the central bank would weigh the pros and cons of raising rates at the upcoming BOJ meeting.

• DHE regulation is amended so that export proceeds are placed in SOE banks. This would generate liquidity for the SOE banks that could be channeled into loans

 

Summary & Recommendation

All eyes is on The Fed this upcoming week with the Fed meeting on 9-10 December 2025. We are in the view of a December as The Fed anticipates a cooling labor market. A fed rate cut would boost risk assets with expected spillovers to Indonesian assets.
We maintained a positive outlook on equity with a barbell approach between growth and hedges. We position a 3-5% cash portion to take opportunities amidst volatility and flow-related catalysts.

 

Product recommendation: 

RD MITRA, RD ASEAN5, RD MISB, RD MIDU, RD MIDSYA, RD MMUSD, RD IDAMAN.

 

Discover a detailed analysis of this week’s market performance in our comprehensive Weekly Market Recap: Read More

 

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PRODUCT	3M PERFORMANCE	YTD PERFORMANCE
JCI	+9.73%	+21.93%
LQ45	+5.93%	+2.49%
EQUITY
MITRA A	+9.27%	+6.01%
MICB A	+6.36%	+2.78%
ASEAN5	+8.76%	+2.80%
MGSED	+3.37%	+9.85%
INDEX
FTSE ESG A	+4.01%	+4.22%
ETF
XMLF	+5.62%	+5.90%
BALANCED
MISB	+9.79%	+21.12%
MIA	+8.44%	+8.31%
FIXED INCOME
MIDU A	+1.25%	+8.19%
MIDO2	+2.27%	+8.61%
IDAMAN A	+1.48%	+5.90%
MONEY MARKET
MIPU A	+1.02%	+4.14%
MMUSD	+0.68%	+2.80%

*The data above is as of December 5th, 2025

 

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For More Information

Contact Mandiri Investasi – (021) 526 3505
Email Mandiri Investasi – [email protected]
Mandiri Investasi – mandiri-investasi.co.id

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DISCLAIMER‌
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The information and opinions expressed in this article are for general informational purposes only and are not intended as specific advice or recommendations for any individual, security, or investment product. The content is meant to provide education about the financial industry. Opinions and views presented may change without prior notice. All performance data and investment returns mentioned in this article should not be used as a guarantee or basis for decisions to buy or sell any securities. The data reflects historical performance and does not guarantee future results. Investing in mutual funds carries risks. Investors are advised to carefully read and understand the prospectus before making any investment decisions.

 

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