03 August 2026
Market Summary:
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Global Equity: Global equities ended the week mostly higher, led by the Fed’s decision to hold rates steady and stronger-than-expected Big Tech earnings (Microsoft, Amazon), which drove a sharp rally in the technology sector mid-week.
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Domestic Equity: JCI ended the week higher +0.64%, as investors balanced a strong start to 2Q earnings season against continued policy uncertainty, foreign outflow in regular market reach IDR2.61tn WoW.
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Domestic Bond Market: IndoGB 10Y yield steady at 7.36% while UST slightly higher to 4.73%. Rupiah back to 18,000 while foreign post IDR830bn inflow WTD (29/07) in govt bond.
Key News of The Week:
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Central banks held steady: Fed at 3.50–3.75% (9-3 vote, dissents favoring a hike) on above-target inflation, BoE at 3.75%, and BoJ at 1% while signaling further hikes as inflation nears target.
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US Q2 GDP slowed to 1.5% ann. on weaker govt. spending/net exports despite resilient consumption, while EU GDP grew 0.4% QoQ (Spain +0.7%) on AI investment and govt. spending.
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US core PCE eased to 3.3% YoY, though the savings rate hit a near four-year low of 2.7%.
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AI/tech stocks swung sharply this week as US shares sold off early on capex concerns before rebounding on Microsoft’s strong Azure growth, China’s CXMT debuted +466% (Asia’s largest 2026 IPO), and KOSPI crashed 10% before staging a record 18% rebound on better-than-expected chip earnings, with leveraged ETFs amplifying the swings.
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Domestically, BI Governor sudden resignation briefly hit the rupiah/IHSG; sentiment stabilized on Destry Damayanti’s acting appointment and President Prabowo’s informal signal late in the week that he may nominate her permanently, though no formal nomination has been submitted to the DPR yet.
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JCI’s 2Q26 earnings so far were broadly resilient (55 companies), led by consumer, plantation, commodities, and telecom, with banks diverging on forward guidance and healthcare and media lagging.
Our View
Next week’s global calendar is lighter, PMI, and US unemployment are the key data points. 2Q26 earnings remain the dominant catalyst globally (AI capex debate) and domestically.
With JCI valuations still depressed, we continue to see alpha from disciplined sector allocation and view 2Q26 earnings quality as the key differentiator into 2H26. In fixed income, we retain tactical 2–5yr carry and keep duration defensive, extending only on confirmed IDR stabilization and further oil de-escalation, with the BI governor succession still the key swing factor for both.
Product Recommendation:
RD MISB, RD MMUSD, RD IDAMAN, RD MIDU, RD MIDSYA, RD MGSED, RD MASED, RD FTSE, ETF LQ45, ETF SRI Kehati, MICB, MITRAS.
Discover a detailed analysis of this week’s market performance in our comprehensive Weekly Market Recap: Read More
| PRODUCT | 3M PERFORMANCE | YTD PERFORMANCE |
|---|---|---|
| JCI | -10.36% | -27.88% |
| LQ45 | -7.19% | -26.62% |
| EQUITY | ||
| MITRA A | -6.77% | -17.74% |
| MICB A | -7.81% | -17.22% |
| ASEAN5 | -8.62% | -19.83% |
| MGSED | +0.78% | +9.29% |
| INDEX | ||
| FTSE ESG A | -2.19% | -18.77% |
| ETF | ||
| XMLF | -4.83% | -23.16% |
| BALANCED | ||
| MISB | -10.84% | -11.31% |
| MIA | -13.05% | -12.79% |
| FIXED INCOME | ||
| MIDU A | -1.58% | -1.83% |
| MIDO2 | -3.34% | -3.69% |
| IDAMAN A | -3.90% | -4.11% |
| MONEY MARKET | ||
| MIPU A | +1.51% | +1.37% |
| MMUSD | +1.58% | +1.48% |
*The data above is as of July 31th, 2026
For More Information
Contact Mandiri Investasi – (021) 526 3505
Email Mandiri Investasi – [email protected]
Mandiri Investasi – mandiri-investasi.co.id
DISCLAIMER
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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