Wall Street indices experienced a significant decline last Friday following stronger-than-expected nonfarm payroll data, heightening doubts about the Fed's continuation of rate cuts this year. December 2024's nonfarm payrolls reported a job gain of 256,000, the largest in nine months, up from 212,000 in the previous month and well above the forecast of 160,000. The unemployment rate also dropped from 4.2% to 4.1%. This data pushed the 10-year US Treasury yield to its highest level since late 2023. The market predicts the Fed will not cut interest rates in its January and March meetings. Additionally, January's Michigan Sentiment Index, indicating rising inflation expectations, further added to the negative sentiment. Meanwhile, crude oil prices surged due to supply concerns following US sanctions on Russia's oil industry. Gold prices also rose as policy uncertainty ahead of the US government transition increased demand for safe-haven assets.

Upcoming US economic data releases this week include CPI, PPI, retail sales, housing starts, and building permits. Domestically, the agenda includes the Bank Indonesia Governors' Meeting and the release of the trade balance.

On Friday, January 10, 2025, the JCI closed up 0.34% at 7,088. The energy sector stocks recorded the largest gains, while the technology sector stocks saw the largest corrections. Foreign investors net sold IDR 201.53 billion, including in the non-regular market. Today, the JCI is expected to move within a support range of 7,030/7,000 and a resistance range of 7,130/7,165. Stock picks: BRIS, TLKM, ICBP, INDF, BRPT, BRMS, MDKA, AKRA, TINS, ANTM.

This report is prepared strictly for private circulation only to clients of PT Waterfront Sekuritas Indonesia. It is purposed only to person having professional experience in matters relating to investments. The information contained in this report has been taken from sources which we deem reliable. No warranty (express or implied) is made to the accuracy or completeness of the information. All opinions and estimates included in this report constitute our judgments as of this date, without regards to its fairness, and are subject to change without notice. However, none of PT Waterfront Sekuritas Indonesia and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied), its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither PT Waterfront Sekuritas Indonesia, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or misstatements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed. This document is not an offer to sell or a solicitation to buy any securities. This firms and its affiliates and their officers and employees may have a position, make markets, act as principal or engage in transaction in securities or related investments of any company mentioned herein, may perform services for or solicit business from any company mentioned herein, and may have acted upon or used any of the recommendations herein before they have been provided to you. © PT Waterfront Sekuritas Indonesia 2025