04 May 2026
Market Summary:
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Global Equity:Strong big tech earnings drive market rally with S&P500 +0.9% WoW into a fresh all time high.
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Domestic Equity:Indonesian market corrected deeply due to sharp IDR weakness overall macro concern. with JCI -2.4% WoW and IDX80 -3.2% WoW. Foreign recorded net outflow of IDR 7tn WoW
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Domestic Bond Market: Indonesia 10Y yield corrected to 6.85%. Foreign recorded net inflow of IDR 2.9tn WoW
Key News of The Week:
- Fed maintained key rate, in line with market expectations. This meeting marks the last FOMC chaired by Jerome Powell before the end of his term in May. However, this FOMC marks a build up in hawkishness, shown by three members dissenting against The Fed’s easing forward guidance.
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Although his tenure as fed chair comes to an end. Jerome Powell would remain on the board of The Fed. This brings forward fear of continued ‘shadow leadership’ of Powell that would hinder further easing on the Fed Rate.
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US 1Q26 annualized GDP remained robust, albeit slightly below expectations at 2% QoQ (Cons: 2.3% QoQ) supported by increasing AI related spending. Prices also pushed up with PCE inflation reaching +0.7% MoM (in line) mainly driven by higher energy prices.
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Indonesia Government introduced further stimulus in form of import duty waiver for LPG and plastics. Government also toned down spending by exercising flatter spending pattern and refining MBG spending to save up to IDR 50tn annually.
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S&P maintained stable outlook for Indonesia citing stronger resource revenue and lower tax refund could support fiscal recovery. S&P also maintained forecast growth of 5% with 16800 USD/IDR and a possible +0.5% BI rate hike.
Our View
Next week we will see broader effect of Iran war to Indonesia with trade balance and CPI data on Monday. Furthermore jobs data from The US would test Fed’s dual mandate on the employment side during the energy spike caused by war.
Product recommendation:
RD MISB, RD MMUSD, RD IDAMAN, RD MIDU, RD MIDSYA, RD MGSED, RD MASED, RD FTSE, ETF LQ45, ETF SRI Kehati, MICB.
Discover a detailed analysis of this week’s market performance in our comprehensive Weekly Market Recap: Read More
| PRODUCT | 3M PERFORMANCE | YTD PERFORMANCE |
|---|---|---|
| JCI | -16.48% | -19.55% |
| LQ45 | -19.70% | -20.93% |
| EQUITY | ||
| MITRA A | -8.96% | -11.76% |
| MICB A | -7.75% | -10.21% |
| ASEAN5 | -9.26% | -12.27% |
| MGSED | +3.99% | +8.37% |
| INDEX | ||
| FTSE ESG A | -14.18% | -16.95% |
| ETF | ||
| XMLF | -18.02% | -19.26% |
| BALANCED | ||
| MISB | -2.43% | -3.22% |
| MIA | -7.78% | -7.51% |
| FIXED INCOME | ||
| MIDU A | -1.18% | -1.44% |
| MIDO2 | -2.04% | -2.40% |
| IDAMAN A | -1.24% | -1.46% |
| MONEY MARKET | ||
| MIPU A | +0.95% | +0.82% |
| MMUSD | +0.93% | +0.82% |
*The data above is as of May 4th, 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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