Weekly Market Recap 12 - 16 January 2026

Market Summary:

Global Equity: Markets take a breather after some weakness in early FY2025 earnings season. S&P500 -0.38%, Nasdaq -0.66%.
Domestic Equity: EM rotation and commodity rally sparked the JCI +1.55% WoW, and IDX80 +2.24% WoW led by nickel and copper commodities. Foreign inflow is IDR 256 bn WoW.
Domestic Bond Market: IndoGB corrected to 6.25%. Foreign outflow was IDR -7 tn WoW.

Key News of The Week:

Iran becomes the geopolitics hotspot as nationwide protests brought thousands killed amidst internet blackout imposed by The Iran Government. Donald Trump threatened “strong action”.
Jerome Powell was under attack again from the US Government on the matter of The Fed buildings renovations, raising questions on The Fed’s independency.
US Core CPI came below consensus at 2.6% YoY (consensus = 2.7%), providing limited relief amid government shutdown and data uncertainty.
Despite an ongoing trade war, China recorded a trade surplus of USD 1.2 tn during 2025. China exports to The US fell 20% YoY, with trade reallocated to Africa (+26%), ASEAN (+13%), and Europe (+8%).
Taiwan reached a deal with the US on a reduced tariff rate of 15% from the original 20% in exchange for USD 250 bn of new direct investments to The US, equalizing Taiwan’s tariff with Japan and South Korea.

Summary & Recommendation

Increased geopolitical tension combined with Fed independence worries pulled back global markets. However, the EM rotation theme remains intact, supported by valuation appeal, improving macro outlook, and global preference for resource-rich EM. A barbell strategy is maintained, with a 3–5% cash allocation to capture opportunities amid volatility and flow-driven 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

PRODUCT	3M PERFORMANCE	YTD PERFORMANCE
JCI	+12.72%	+4.96%
LQ45	+15.19%	+5.06%
EQUITY
MITRA A	+12.91%	+4.72%
MICB A	+12.84%	+4.29%
ASEAN5	+12.49%	+4.73%
MGSED	+1.98%	+1.94%
INDEX
FTSE ESG A	+12.18%	+2.68%
ETF
XMLF	+15.37%	+5.15%
BALANCED
MISB	+7.26%	+4.07%
MIA	+9.97%	+3.90%
FIXED INCOME
MIDU A	+0.32%	-0.10%
MIDO2	+0.37%	-0.27%
IDAMAN A	-0.04%	-0.35%
MONEY MARKET
MIPU A	+1.02%	+1.02%
MMUSD	+0.67%	+0.11%

*The data above is as of January 9th, 2026

For More Information

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

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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