Market Data Last week, Jakarta Composite Index (JCI) closed at 6,401.89, down 0.12%. Foreign investors recorded a net sell of IDR 1.59 trillion across all markets and IDR 2.46 trillion in the Regular Market. Foreign investors recorded the largest net inflows into BBRI (IDR 306.4B), TINS (IDR 222.2B), BBCA (IDR 221.8B), BBNI (IDR 72.1B), and ANTM (IDR 62.5B). Meanwhile, the largest foreign net outflows were recorded in TPIA (IDR 951.1B), BMRI (IDR 773.1B), ASII (IDR 277.9B), TLKM (IDR 233.1B), and DSSA (IDR 134.3B). Markets will focus on the FOMC Minutes this week for further clues on the Fed’s policy direction, particularly after three Fed officials previously dissented in favor of a 25bps rate hike. Rising oil prices amid the lack of diplomatic breakthroughs in the US–Iran conflict and ongoing tensions in the Strait of Hormuz also remain a concern, as they could reignite inflationary pressures and reduce the likelihood of monetary policy easing. The Ministry of Finance considers the IDR17,500/USD rupiah target set in the 2027 Draft State Budget (RAPBN) achievable, although relatively optimistic. Meanwhile, the 6.9% target for the 10-year government bond (SUN) yield is considered more challenging amid global market pressures. Achieving these targets will depend on rupiah stability, fiscal credibility, BI policy, oil prices, and current account conditions. Meanwhile, tighter regulations and higher cigarette excise taxes could pressure the tobacco industry, increase the risk of layoffs, and affect tobacco farmers as well as government revenues. This week, key economic data to watch include the US FOMC Minutes and Initial Jobless Claims, which are expected to rise to 212K (Prev: 209K). The S&P Global Composite PMI Flash is expected to decline to 53.2 (Prev: 54.5), while Manufacturing PMI is projected at 53.5 (Prev: 53.9). From China, July Industrial Production grew 4.5% YoY (Prev: 5.3%; Cons: 5.0%), Retail Sales grew 0.6% (Prev: 1.0%; Cons: 1.5%), and Fixed Asset Investment declined 6.7% (Prev: -5.7%; Cons: -6.2%). Meanwhile, the 1Y and 5Y Loan Prime Rates are expected to remain unchanged at 3.0% and 3.5%, respectively. From Indonesia, the BI Rate is expected to remain unchanged at 5.75% (Prev: 5.75%; Cons: 5.75%), while July Loan Growth is projected to increase to 13.0% YoY (Prev: 12.67%). The Q2 Current Account is expected to record a deficit of US$1.8 billion (Prev: -US$4.0 billion). Stockpick: BBCA, PGAS, TLKM.