JCI remained volatile as investors brace for Fed Rate hike and digest the newlyannounced Finance Minister reshuffle & rising global bond yields.

SMGR continued to face pressure from higher costs, further heightened by coal supply constraints from May to July despite relatively healthy cement demand.

NexAI (MGLV IJ; non-rated) emerges as a new AI data center operator in Indonesia with a huge ambition of building ~100 MW capacity in the next one year.

Oil surges as the Iran war re -escalates. The Brent crude price has risen again, hitting USD101/bbl on 9 September, rebounding 27% from early August.

The initiative to move civil servants’ payroll from Regional Development Banks to SOE banks may bring opportunities for better financial transmission & efficiency in the industry.

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%).