{"id":5362,"date":"2025-06-02T02:48:45","date_gmt":"2025-06-02T02:48:45","guid":{"rendered":"https:\/\/himdasun.or.id\/?p=5362"},"modified":"2025-06-02T02:48:46","modified_gmt":"2025-06-02T02:48:46","slug":"fixed-insight-3","status":"publish","type":"post","link":"https:\/\/himdasun.or.id\/en\/2025\/06\/02\/fixed-insight-3\/","title":{"rendered":"Fixed InSight"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><em>A week ahead, markets were anticipating US May NFP (cons: +125k m-m, prev: +177k m-m) and Indonesia\u2019s May CPI (TRIM: +1.95% y-y, cons: +1.87% y-y, prev: +1.95% y-y). From US, Bessent said that US would not default, while the Treasury may run out of cash in Aug\u201925. He was also optimistic of US-China ties solved very soon. From China, last month\u2019s NBS Mfg. PMI rose to 49.5 (cons: 49.5, prev: 49.0), followed by Non-Mfg. figure (curr: 50.3, cons: 50.5, prev: 50.4), amidst toned down Trump\u2019s tariffs. From domestic, 27 May saw net inflows of IDR1.50tn wtd, driven by govt. bonds (curr: +IDR2.02tn wtd). On fiscal side, MoF adjusted official business fare guidelines for 2026, while the efficiency became the top priority. Meanwhile, non-subsidized fuel prices were lowered by -3.1% m-m on avg. On growth, S&amp;P Global Mfg. PMI improved to 47.4 (prev: 46.7), but the number still reflected drag on economy.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>From the bond market, FR 40, 84, 86, and 94, are currently the cheapest based on our yield curve model. Last national business day, the dollar index was closed at 99.88 (+0.4%). Rupiah was depreciated by 0.1% at USDIDR at 16,296. The UST yield was up by +3.4bps to 4.48% and 10yr INDOGBR was up by +0.9bps to 6.84% \u2013 the spread between the two was at 236bps.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Economy: US would not default, Bessent said<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">US Secretary of Treasury\u2014Scott Bessent\u2014said that US would not hit the debt ceiling. Congress still waited for Senate\u2019s responses on debt limit increase. While Bessent did not specify the deadline, he earlier revealed that Treasury would run out of cash in Aug\u201925. Furthermore, he was optimistic that US-China ties would be solved very soon.&nbsp;<em>Source: Bloomberg<\/em><em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Economy:&nbsp;BI&nbsp;published&nbsp;updates on IDR stability indicators<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A.o. 27 May, Indonesia&#8217;s 5yr CDS premium was down by -3.23bps wtd, reaching 79.33bps. On wtd basis, 27 May saw net foreign inflows at +IDR1.50tn, with SRBI, govt. bonds, and stocks contributing by +IDR2.02tn, +IDR0.11tn, and -IDR0.63tn, respectively. Since the beginning of this year, net flows in stocks were at -IDR45.34tn, followed by SRBI at -IDR7.22tn, and govt. bonds at +IDR47.10tn.&nbsp;<em>Source: Bank Indonesia<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Economy: Indonesia\u2019s MoF changed business trip fare guidelines<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On 20 May\u201925, MoF Regulation (PMK) No. 32 of 2025 regarding 2026\u2019s Input Cost Standards was issued. Notable points were on travel expenses for ministers and civil servants, with details as follow: (1) IDR2.1mn\u2014IDR9.3mn for domestic accommodation (prev: IDR2.1mn\u20149.7mn); (2) IDR94k\u2013462k for transportation (prev: IDR104k\u2014574k). ON the other hand, daily allowance for overseas travel rose to USD347\u2014792 (prev: USD296\u2014792). Various thresholds also stayed the same: (1) daily allowance for domestic travel at at IDR360k\u2013IDR580k, (2) daily representation allowance at IDR250k, (3) maximum limit for domestic airplane fare for business class at IDR22.1mn &amp; economy class at IDR1.46mn, (7) maximum limit for overseas airplane fare at USD12.1k (economy), USD16.3k (business), and USD23.1 (executives). This regulation aimed to ensure that travel expenses were carried out selectively, considering the priorities&nbsp;and&nbsp;urgencies.&nbsp;<em>Source: Kontan<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Economy: Prices of Pertamina\u2019s non-subsidized fuel products were decreased&nbsp;<\/strong>Starting to be effective on 1 Jun, Pertamax\u2019s price was changed to IDR12,100\/l (prev: IDR12,400\/l), Pertamax Turbo\u2019s at IDR13,050\/l (prev: IDR13,300\/l), Pertamax Green 95\u2019s at IDR12,800\/l (prev: IDR13,150\/l), Dexlite\u2019s at IDR12,740\/l (prev: IDR13,350\/l), and Pertamina Dex\u2019s at IDR13,200\/l (prev: IDR13,750\/l).&nbsp;<em>Source: CNBC<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Research Division<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PT Trimegah Sekuritas Indonesia, Tbk.<\/p>","protected":false},"excerpt":{"rendered":"<p>A week ahead, markets were anticipating US May NFP (cons: +125k m-m, prev: +177k m-m) and Indonesia\u2019s May CPI (TRIM: [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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