Dip buyers piled back into beaten-down semiconductors -- the sector gauge surged +5.2%, lifting the Nasdaq 100 +1.9% and S&P 500 ?0.9%.
> Worth noting: this bounce also lands right as Q2 earnings season kicks off, with big tech reports due in coming weeks -- some of the buying is likely positioning ahead of results, not purely a valuation-fear reversal.
Meanwhile, US and Iran exchanged strikes for a 10th consecutive day. Brent traded near $90, WTI at $84.91, as the Houthis' threat to blockade Saudi Arabia via the Red Sea added a fresh flashpoint alongside Hormuz.

US Treasuries fell, pushing 10- and 30-year yields to two-month highs, as oil's climb reignited inflation concern and Fed-hike bets. Gold, meanwhile, snapped back on dip-buying -- up as much as +2% to above $4,080, its first real bounce after two straight weeks of losses. Traders are weighing higher energy prices against soft US economic data as they search for clues on the Fed's path.

The JCI surged +1.74% to 6,340 on Rp21.3 trillion turnover, decisively clearing the EMA50 resistance that has capped every rally attempt since the crash started -- the clearest technical confirmation yet that the downtrend structure may be breaking. Tycoon-group names led the charge while banks and bluechips paused after their own run. The Rupiah appreciated to 17,888, making it Asia's best-performing currency for the day.
The Catalyst?
- BI's rate decision lands today, with a 25bps hike expected.
- MSCI is widely expected to reaffirm Indonesia's EM status in November.
- On the rating front: S&P reaffirmed Indonesia's Stable outlook last week, while Moody's maintained its cautious stance yesterday, flagging persistent concerns over policy uncertainty and fiscal sustainability risk.
- Citi noted Indonesia dominated client meetings in Hong Kong and Thailand this month, with some investors floating the view the market may have bottomed.
o MBG Cut Again
The free school meals budget was trimmed further to Rp229tr from Rp268tr, with officials signaling more cuts may follow.
o Deficit Still Comfortably Within Limits
H1 2026 deficit at just 0.76% of GDP (Rp196.5tr), well inside the legal 3% cap and tracking toward a full-year projection of 2.68%.
o Panda Bonds & AAA Rating
Indonesia is issuing up to 7 billion yuan in panda bonds (with approval for 30 billion yuan over two years), and Chinese rating agency China Lianhe assigned Indonesia a AAA rating.
o Danantara Taps Dollar Markets Again
Following June's successful $1.5 billion debut, Danantara is exploring a long-dated dollar bond sale -- with Fitch (BBB) and Moody's (Baa2) both assigning investment-grade ratings.
o

BREN

Secures $300M
Star Energy Group locked in a $300 million term loan to fund the Suoh Sekincau and Hamiding geothermal projects.
Corporate Calendar
22/07: RUPS :

FORU

,

OASA

27/07: Right Issue End-Trading:

BNBR

-R,

PADI

-R
RUPS :

ASMI

,

KRYA

,

SMKL

28/07: Right Issue Cumdate:

VKTR

RUPS :

GMFI

29/07: RUPS :

HUMI

,

KDSI

,

OILS

Economic Calendar
1. ID - Interest Rate Decision
2. ID - Loans (YoY) (Jun)
3. ID - Lending Facility Rate (Jul)
4. ID - Deposit Facility Rate (Jul)
5. US - Crude Oil Inventories
6. US - 20-Year Bond Auction
Disclaimer On
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Sumber : IPS