US Treasury and DXY Weekly: US Treasury Yields and the Dollar Weaken on Softer Labor Data.

1H26 results should give investors reliefs since fundamentals proved to be more resilient than what the year-to-date market underperformance seems to imply.

Lower GDP growth. GDP growth eased to a higher-than-expected 5.3% in 2Q from 5.6% in 1Q (Mansek: 5.2%; Consensus: 5.1%; Exhibit 1).

We adjust our forecasts post INTP’s 2Q results. While the print was strong, we see concerns in regards 2H26 performance.

We expect earnings growth momentum to improve from 2H26 onwards following increases in IDR risk-free rates and favorable loan repricing progresses.

The government will hold its first conventional bond auction of 3Q26 on 7-Jul, with an issuance target of Rp32tn and a maximum of Rp48tn, lower than the previous auction's Rp36tn target.

Higher inflation in June. Headline inflation increased to 3.3% y-o-y from 3.1% in May, below our forecast but above market expectations (Mansek: 3.4%; Consensus: 3.2%).

On 29 Jun 2026, MAPA, through its subsidiary Athletica International Holdings (AIH)

MEMR has announced an LNG price cap of ~USD13/MMBTU during a joint press conference, in response to concerns raised by industry and labor associations over rising gas prices.

MDKA reported a 1Q26 net profit of USD57.5mn (vs. 4Q25: -USD27.3mn and 1Q25: -USD3.7mn), above estimates, driven by improved profitability across all segments.

The government will hold its conventional bond auction on 12-May, with an issuance target of Rp36tn and a maximum issuance ceiling of Rp54tn, unchanged from the previous auction.

GDP growth accelerated. GDP growth rose further to a higher-than-expected 5.6% in 1Q after accelerating to 5.4% in 4Q from 5.0% in 3Q (Mansek: 5.5%; Consensus: 5.4%; Exhibit 1). Domestic demand contribution rose to 6.1 percentage points (pp) from 5.2pp.