{"id":2486,"date":"2021-07-07T08:36:25","date_gmt":"2021-07-07T01:36:25","guid":{"rendered":"https:\/\/star-am.com\/?p=2486"},"modified":"2023-08-22T03:14:28","modified_gmt":"2023-08-22T03:14:28","slug":"star-insight-market-update-6-juli-2021","status":"publish","type":"post","link":"https:\/\/star-am.com\/id\/2021\/07\/07\/star-insight-market-update-6-juli-2021\/","title":{"rendered":"STAR Insight, Market Update 6 Juli 2021"},"content":{"rendered":"

<\/span><\/div><\/div><\/div>

No sign of panic in Indo market<\/b><\/p>\n

    \n
  • Equity and Bond rose after high unemployment data<\/b><\/li>\n
  • OPEC+ resumes oil talks, output could rise<\/b><\/li>\n
  • JCI flat despite rising Covid-19 cases<\/b><\/li>\n<\/ul>\n

     <\/p>\n

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

    S&P500 rose 1.7% and DJIA up 1.0% as unemployment data came in higher than expected which lowering the risk of early tapering by The Fed. The <\/span>unemployment rate in Jun\u201921 was recorded at 5.9%, higher than the previous <\/span>month of 5.8% and market expectation of 5.6%. <\/span>S&P500 gain last week was <\/span>led by information technology, consumer discretionary, and healthcare <\/span>sectors, which helped the index to make a new highest record last week. US <\/span>Dollar index, a gauge of the US Dollar against its major counterparts, <\/span>dropped following the labor data announcement but remained positive for <\/span>the week with a 0.4% gain. US 10Y Treasury yield dropped 10.0bps last <\/span>week despite some positive economic data in the country spurred concern <\/span>on faster than expected economic recovery in the country might push <\/span>inflation higher than The Fed\u2019s comfort level.<\/span><\/p>\n

    OPEC+ resumes oil policy talks<\/b><\/p>\n

    OPEC+ ministers resume talks after failing to reach a deal on oil output policy <\/span>in two days of talks last week amid a rare public standoff between Gulf allies <\/span>Saudi Arabia and the United Arab Emirates. The spat erupted at a sensitive <\/span>time and could delay plans to pump more oil through to the end of the year <\/span>to cool global oil prices that have soared to two and half year highs. Brent <\/span>currently trades at around $77 per barrel with a YTD\u201921 average price of <\/span>$65.6 per barrel, higher than the prior-to-Covid-19 FY2019 average price of <\/span>$64.2 per barrel. OPEC+, which agreed to record output cuts in 2020 to cope <\/span>with a COVID-induced price crash, voted on Friday to lift output by about 2 <\/span>million barrels per day (bpd) from August to December 2021 and to extend <\/span>their remaining cuts to the end of 2022, instead of ending in April 2022. With <\/span>possible higher oil output to come, we see a potential correction for the oil <\/span>price in 2022 while the outlook throughout year-end of 2021 will be <\/span>determined by economic growth in large consuming countries which <\/span>currently under the threat of rising Covid-19 cases from the new variants.<\/span><\/p>\n

     <\/p>\n

    JCI flat, bond yield slightly up as Covid-19 cases hit a new record<\/b><\/span><\/p>\n

    Despite rising Covid-19 new cases which reached 29.7k yesterday and <\/span>emergency PPKM imposed by the government in Java and Bali, JCI <\/span>managed to move relatively flat last week. We see that despite foreign <\/span>investors booked net-sell of Rp732bn, domestic investors remained <\/span>optimistic on Indonesia\u2019s growth outlook despite this third wave of high <\/span>Covid-19 cases.<\/span><\/p>\n

    On the bond market, Indonesia\u2019s 10Y government bond yield slightly increased by 4.5 bps last week while we see no foreign outflow from the <\/span>government bond market on the 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-2486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update"],"acf":[],"yoast_head":"\nSTAR Insight, Market Update 6 Juli 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\/07\/07\/star-insight-market-update-6-juli-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 6 Juli 2021 - Star Asset Management\" \/>\n<meta property=\"og:url\" content=\"https:\/\/star-am.com\/id\/2021\/07\/07\/star-insight-market-update-6-juli-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Star Asset Management\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-07T01:36:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-22T03:14:28+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=\"8 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\/07\/07\/star-insight-market-update-6-juli-2021\/\",\"url\":\"https:\/\/star-am.com\/id\/2021\/07\/07\/star-insight-market-update-6-juli-2021\/\",\"name\":\"STAR Insight, Market Update 6 Juli 2021 - 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