Market Data Last week, Jakarta Composite Index (JCI) closed at 6,036.89, down 3.28%. Foreign investors recorded a net sell of IDR 5.04 trillion across all markets and IDR 3.90 trillion in the Regular Market. Foreign investors recorded net inflows into EMAS (IDR 106.2B), UNTR (IDR 76.2B), ENRG (IDR 67.6B), DSSA (IDR 52.6B), and VKTR (IDR 39.8B). Meanwhile, the largest foreign net selling was recorded in GOTO (IDR 979.4B), BMRI (IDR 858.2B), TLKM (IDR 470.0B), BBCA (IDR 291.9B), and BBRI (IDR 183.5B). Global sentiment remained mixed, with Brent crude holding above US$102 per barrel amid rising tensions in the Middle East, while OPEC+ agreed to maintain its production quotas for next month. Meanwhile, US Nonfarm Payrolls increased by only 29K, significantly below the 90K consensus, with downward revisions to the previous two months. The weaker labor market data eased expectations for Fed interest rates, while lower oil prices supported the bond market and provided a positive boost to equities. On the domestic front, elevated SBN yields could put pressure on the value of Bank Indonesia’s SBN portfolio, given BI’s ownership of around 27.77%, equivalent to IDR 1,942.81 trillion. On the other hand, Indonesia strengthened its trade and investment cooperation with Ireland through a Strategic Dialogue, including opportunities to deepen economic ties and advance the implementation of the IEU-CEPA, which is expected to support trade diversification and bilateral investment. This week, key economic data from the US will include the September ISM Services PMI, which is expected to decline to 55.0 from 55.4 previously, and Initial Jobless Claims, which are expected to rise to 200K from 197K. Investors will also closely monitor the FOMC Minutes for further insights into the Fed’s policy direction and interest rate outlook. Meanwhile, Michigan Consumer Sentiment is expected to improve to 48.6 from 48.1, while inflation expectations are projected to rise to 4.7% from 4.6%. From China, investors will focus on September Foreign Exchange Reserves, which are expected to reach US$3.43 trillion, relatively stable compared with US$3.438 trillion previously. In Indonesia, attention will focus on September Foreign Exchange Reserves, September Consumer Confidence, and August Retail Sales. Foreign Exchange Reserves are expected to stand at around US$144.0 billion, down from US$146.5 billion previously, while Consumer Confidence is expected to ease slightly to 118.0 from 118.5. Retail Sales are expected to grow 1.3% YoY, accelerating from 1.1% YoY previously. In addition, investors will monitor September car and motorcycle sales as indicators of domestic consumption. Stockpick: ADRO, GGRM, PGAS.