Market Summary:

• Global Equity: Markets took a breather after fed cut sentiment. S&P500 -0.6% WoW while Nasdaq -1,6% WoW

• Domestic Equity: Some profit taking can be seen as investors rotate from financials to commodity. JCI -0.3% WoW while IDX80 +0.38% WoW

• Domestic Bond Market: IndoGB flat at 6.19%

 

Key News of The Week:

• The Fed cut rates by 25bps to 3.5–3.75%, in line with market expectations of an insurance cut to react to soft labor market. The Fed forecasted one more rate cut in 2026. Additionally, The Fed is starting a USD40bn US treasury purchase to manage liquidity during US tax season.

• Indonesia–US trade deal said to be at risk as The US trade representative stated Indonesia reneged on the trade framework established in July regarding non-tariff measure and digital payment. The Government committed on finishing The US trade deal by end of 2025.

• Banks expect slight improvement in credit growth for 2026 between 9–11% after sluggish demand this year. Loan growth slowed 7.36% YoY as of October 2025 and the volume of approved but undisbursed loans remained high at IDR2.400tn

• Indonesia Government reduces state capital injections (PMN) for SOEs to IDR11.5tn (Prev year: IDR35tn).

• OJK implemented credit relaxation.

• Export duty for coal would be implemented in 2026 with export duty ranging from 1–5%.

• Sugar tax is delayed by the government which was slated to start in 2026.

 

Summary & Recommendation

We expect Bank Indonesia to mirror The Fed’s cut on this week’s Bank Indonesia meeting given weaker DXY and stable Rupiah. 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	+10.27%	+22.33%
LQ45	+5.42%	+2.63%
EQUITY
MITRA A	+11.46%	+8.38%
MICB A	+7.42%	+3.94%
ASEAN5	+10.98%	+5.10%
MGSED	+1.43%	+10.02%
INDEX
FTSE ESG A	+2.32%	+2.98%
ETF
XMLF	+5.05%	+5.94%
BALANCED
MISB	+12.57%	+24.33%
MIA	+10.74%	+10.97%
FIXED INCOME
MIDU A	+1.07%	+8.27%
MIDO2	+2.24%	+8.69%
IDAMAN A	+0.10%	+5.87%
MONEY MARKET
MIPU A	+1.04%	+4.25%
MMUSD	+0.72%	+2.87%

*The data above is as of December 12th, 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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