Weekly Market Recap 5 - 9 January 2026

Market Summary:

Global Equity: Despite geopolitical risks, global market still opened strongly with. S&P500 +1.57% WoW, Nasdaq +1.88% WoW
Domestic Equity: EM rotation benefits Indonesia with JCI +2.16% WoW, and IDX80 +2.17% WoW led by commodities and conglomerates. Foreign inflow is IDR 1.62 tn WoW
Domestic Bond Market: : IndoGB flat at 6.13%. Foreign inflow was IDR 900 bn WoW and makes 13.4% of ownership.

Key News of The Week:

The US is now in charge of Venezuelan oil through seizures of vessels and planning to sell USD 2.8bn of oil stored.
US labor market is still soft with December 2025 NFP coming below consensus with 50k jobs added MoM against 56k MoM consensus estimates. This result wrapped 2025 with a figure of +584k jobs addition, the slowest gain since 2003. This shifted market focus back to further monetary easing.
China inflation hit 3 year high with 0.8% YoY inflation in December. This is amidst weak housing and consumption. However, this is still far below the Government’s target of 2% inflation
ID fiscal deficit hit 2.9% in 2025. The widening deficit comes from from revenue shortfall, which declined 3% YoY. Expense acceleration materialized with a 3% YoY increase in spending, mainly in form of capital, material, and social spending.
Indonesian inflation accelerated due to Sumatra Floods, hitting 2.9% YoY in December. While Trade surplus increased to USD 2.6 bn.

Summary & Recommendation

Despite geopolitical tension, global risk on momentum continues on the back of resilient global growth and expected fed easing. EM rotation is still in play due to attractive valuation and better growth prospects.

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

PRODUCT	3M PERFORMANCE	YTD PERFORMANCE
JCI	+8.31%	+3.35%
LQ45	+8.48%	+2.53%
EQUITY
MITRA A	+9.10%	+3.20%
MICB A	+7.99%	+2.07%
ASEAN5	+8.71%	+3.24%
MGSED	+0.54%	+1.59%
INDEX
FTSE ESG A	+5.68%	+1.13%
ETF
XMLF	+8.81%	+2.66%
BALANCED
MISB	+6.13%	+3.71%
MIA	+7.34%	+3.52%
FIXED INCOME
MIDU A	+0.69%	+0.10%
MIDO2	+1.51%	+0.10%
IDAMAN A	+0.13%	-0.31%
MONEY MARKET
MIPU A	+1.02%	+0.09%
MMUSD	+0.67%	+0.07%

*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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