INDONESIA: Country Wrap: Further Handouts for Low Income Earners
Aug-14 05:25
- The Ministry of Tourism on Wednesday signed memoranda of understanding (MoUs) with four ministries and agencies on cooperation to strengthen the national tourism sector. The four ministries and agencies are the Ministry of Micro, Small, and Medium Enterprises (MSMEs), the Ministry of Environment, the National Nutrition Agency (BGN), and the Search and Rescue Agency (Basarnas). (source Antara)
- Finance Minister Sri Mulyani Indrawati announced that the central government has allocated Rp1,333 trillion, or around US$83.98 billion, from the 2025 State Budget (APBN) for low-income and underprivileged communities. "The central government budget that directly benefits the public, especially the lower-income group, reaches Rp1,333 trillion for this year," Indrawati stated during the National Seminar on Sharia Economics: Reflection on Indonesia’s Independence Day 2025 here on Wednesday. (source Antara)
- The Jakarta Composite is up +0.93% to make it five successive days of gains.
- The Rupiah is the best regional performer today with gains of +0.65% to reach 16,095
- Bonds are up on day where risk appetite is strong. The 10-yr is at 6.35% (from yesterday's close of 6.40%), its lowest since 2023.
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LOOK AHEAD: UK Timeline of Key Events (Times BST)
Jul-15 05:23
| Date | UK | Period | Event |
| 15-Jul | 2100 | Q1 | Mansion House: Chancellor Reeves and BOE Bailey |
| 16-Jul | 0700 | Q1 | Consumer inflation report |
| 17-Jul | 0700 | Q1 | Labour Market Survey |
| 22-Jul | 0700 | Q1 | Public Sector Finances |
| 23-Jul | 0001 | Q1 | Brightmine pay deals for whole economy |
| 24-Jul | 0930 | Q1 | S&P Global Flash PMI |
| 24-Jul | 1100 | Q1 | CBI Industrial Trends |
| 25-Jul | 0001 | Q1 | Gfk Monthly Consumer Confidence |
| 25-Jul | 0700 | Q1 | Retail Sales |
| 28-Jul | 1100 | Q1 | CBI Distributive Trades |
| 29-Jul | 0001 | Q1 | BRC Monthly Shop Price Index |
| 29-Jul | 0930 | Q1 | BOE Lending to Individuals M4 |
| 01-Aug | 0930 | Q1 | S&P Global/ CIPS UK Final Manufacturing PMI |
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
Jul-15 05:18
| Date | Time | Country | Event |
| 15-Jul | 0800 | ES | HICP (f) |
| 15-Jul | 1000 | EU | Industrial Production |
| 15-Jul | 1000 | DE | ZEW Current Expectations Index |
| 16-Jul | 0900 | IT | HICP (f) |
| 16-Jul | 1000 | EU | Trade Balance |
| 17-Jul | 1000 | EU | HICP (f) |
| 17-Jul | ---- | EU | ECB Cipollone At G20 Meeting |
| 18-Jul | 0700 | DE | PPI |
| 18-Jul | 0900 | EU | EZ Current Account |
| 18-Jul | 1000 | EU | Construction Production |
| 18-Jul | ---- | EU | ECB Cipollone At G20 Meeting |
| 21-Jul | 1000 | EU | EZ Quarterly GDP Third Estimate |
| 22-Jul | 0900 | EU | ECB Bank Lending Survey |
| 23-Jul | 1500 | EU | Consumer Confidence Indicator (p) |
JGBS: Bear-Steeper But Off Cheapest Levels
Jul-15 05:16
JGB futures are weaker, -13 compared to settlement levels, but ranges have been narrow.
- Today, the local calendar will be empty apart from 5-year Climate Transition supply.
- Cash US tsys are little changed in today’s Asia-Pac session. Focus is on today’s June CPI inflation data and several Fed speakers ahead of Friday evening's policy blackout.
- Cash JGBs are flat to 7bps cheaper across benchmarks, with a steeper curve. The benchmark 10-year yield is 0.7bp higher at 1.589% after revisiting the cycle high of 1.596% earlier in the session.
- As Japan's upper house elections approach (held July 20), focus remains on the relentless rise in longer-dated JGB yields. The 30-year is up 1bp at 3.182% after hitting 3.219%. This is a fresh high on record (since it was debuted in 1999, per BBG). Concerns around fiscal slippage are a factor in the JGB sell-off. The 2/30yr JGB curve is at +240bps, just off multi-decade highs.
- Swap rates are ~1bp higher to 1bp lower, with a flatter curve. Swap spreads are mostly tighter.
- Tomorrow, the local calendar will be empty.
