{"id":2410,"date":"2021-06-29T11:15:31","date_gmt":"2021-06-29T04:15:31","guid":{"rendered":"https:\/\/star-am.com\/?p=2410"},"modified":"2023-08-22T03:15:16","modified_gmt":"2023-08-22T03:15:16","slug":"star-insight-market-update-28-juni-2021","status":"publish","type":"post","link":"https:\/\/star-am.com\/id\/2021\/06\/29\/star-insight-market-update-28-juni-2021\/","title":{"rendered":"STAR Insight, Market Update 28 Juni 2021"},"content":{"rendered":"

<\/div><\/div>

Mixed Data<\/b><\/p>\n

    \n
  • US equity market increased as manufacturing activity up<\/b><\/li>\n
  • Price increased while spending halted in the US.<\/b><\/li>\n
  • JCI may be corrected as Covid-19 cases rise<\/b><\/li>\n<\/ul>\n

    \u00a0<\/b><\/p>\n

    S&P500 recorded another record high<\/b><\/p>\n

    US economy showed further expansion with Markit Manufacturing PMI <\/span>jumping to 62.6 on June\u201921, better than the consensus expectation of 61.5, <\/span>and also improving from 62.1 on May\u201921. However, New Home Sales <\/span>dropped 5.9% MoM, comparably lower than market expectation with only <\/span>0.2% growth (Fig.1). US Equity market improved with S&P500 rose 2.7% <\/span>last week which lead by footwear, auto, and insurance sectors, while Dow <\/span>Jones up 3.4%. Despite the minor pullback spurred by concern on the Fed-Policy shift in mid-June, the US equity market continues its uptrend with <\/span>S&P500 hit another record last week. On the flip side, the US 10Y treasury <\/span>yield increased 8.6bps last week as inflation fear remained on the bond <\/span>market.<\/span><\/p>\n

    \u00a0<\/span><\/p>\n

     <\/p>\n

    US spending halted while price rising<\/b><\/p>\n

    U.S. consumer spending paused in May as shortages hurt motor vehicle purchases, but the supply constraints and increased demand for services <\/span>helped to lift prices, with the Federal Reserve\u2019s main inflation measure rising <\/span>by the most in 29 years. Consumers perceived higher inflation to be <\/span>temporary, a survey showed on Friday, aligning with the views of Fed Chair <\/span>Jerome Powell and Treasury Secretary Janet Yellen. Consumers\u2019 inflation <\/span>expectations are key as they can influence households\u2019 behaviour. Spending <\/span>on services rose 0.7% on May\u201921, led by recreation, restaurants, and hotels <\/span>as well as housing and utilities. Spending on goods fell 1.3%, with outlays of <\/span>long-lasting goods like motor vehicles tumbling 2.8%. Goods spending fell <\/span>as the pandemic confined people to their homes.<\/span><\/p>\n

    \u00a0<\/b><\/span><\/p>\n

    JCI potential correction this week as Covid-19 cases rise further <\/b><\/span><\/p>\n

    JCI increased 0.3% last week while remained on its sideways trend. Basic <\/span>Materials (+2.8%), and Industrials (+2.5%) sectors were leading JCI’s <\/span>positive performance last week while the Transportation and Healthcare <\/span>sectors were the weakest. Foreign investors recorded a net sell of <\/span>Rp703.3bn in the regular market last week vs. Rp456bn net buy recorded on <\/span>the prior week. With surging Covid-19 cases in Indonesia, we expect foreign <\/span>outflow to continue this week and potentially result in a market correction. <\/span>Some epidemiologists predict that new Covid-19 cases in Indonesia had not <\/span>reached their peak, with potential higher numbers to come.<\/span><\/p>\n

    Foreign investors booked a net-sell of Rp7.8tn from the Indonesian government bond market last week. However, Indonesia’s 10Y government <\/span>bond yield increased were relatively flat, allowing the spread to US 10Y <\/span>treasury yield to narrow to 5.10% as US treasury yield was increased 8.6 <\/span>bps last week.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div>

    <\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":1619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update"],"acf":[],"yoast_head":"\nSTAR Insight, Market Update 28 Juni 2021 - Star Asset Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/star-am.com\/id\/2021\/06\/29\/star-insight-market-update-28-juni-2021\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STAR Insight, Market Update 28 Juni 2021 - Star Asset Management\" \/>\n<meta property=\"og:url\" content=\"https:\/\/star-am.com\/id\/2021\/06\/29\/star-insight-market-update-28-juni-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Star Asset Management\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-29T04:15:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-22T03:15:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/star-am.com\/wp-content\/uploads\/2023\/08\/Rectangle-3-2.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"770\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"IT Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"IT Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/star-am.com\/id\/2021\/06\/29\/star-insight-market-update-28-juni-2021\/\",\"url\":\"https:\/\/star-am.com\/id\/2021\/06\/29\/star-insight-market-update-28-juni-2021\/\",\"name\":\"STAR Insight, Market Update 28 Juni 2021 - 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