Published at 06:08 (GMT) 24 Oct
Citing an unnamed source, Kontan reported that Pres. Joko Widodo plans to raise subsidized fuel prices by IDR3000/lt on 01 Nov. Furthermore, the plan is expected to be announced on 31 Oct. Meanwhile, eyes are still on the announcement of the cabinet ministers after the cabinet structure was revealed. One of the most important changes will be the creation of a coordinating minister's post for maritime affairs, as part of the new president's previously announced focus on the seas connecting and surrounding the archipelago. The coordinating minister for maritime affairs, whose name has not been revealed, will concentrate on such issues as culture and tourism, fisheries, transportation infrastructure and defense. Another detail confirmed on Thursday was that the new cabinet will not include incumbent Minister of Manpower and Transmigration Muhaimin Iskandar, chairman of the second-biggest party in Joko's coalition, the National Awakening Party (PKB) (Jakarta Globe).
On FX, USD/IDR trading in a thin range between 12050 - 12100 lvls so far this morning. Unlikely to see major swing in prices given the focus on the pending announcement of the cabinet ministers and fuel subsidy policy. JKSE touched above 5100 shortly after the open; equities shed more than 0.5% into post noon trading on profit taking above 5100. 10Y yields under pressure as they continued to decline towards 8.00%. BB
Recommended Content
Editors’ Picks
AUD/USD posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.