Market Data Last week, Jakarta Composite Index (JCI) closed at 5,185.10, plunging 14.91%. Foreign investors recorded a net sell of IDR 3.22 trillion across the all market, including IDR 2.89 trillion in the regular market. Foreign investors recorded the largest net buys in GOTO (IDR 348.0 billion), ASII (IDR 132.2 billion), INDF (IDR 109.8 billion), ENRG (IDR 92.4 billion), and MEDC (IDR 84.8 billion). Meanwhile, the largest foreign net sells were recorded in BBCA (IDR 1,852.6 billion), BBRI (IDR 1,113.4 billion), BMRI (IDR 1,068.4 billion), TLKM (IDR 204.8 billion), and ANTM (IDR 202.4 billion). Fed Chair Warsh stated that persistently elevated US inflation had not changed his assessment of the economy, while refraining from signalling the outcome of this month’s FOMC meeting. His remarks prompted markets to further scale back expectations of an October rate hike. The Fed raised its benchmark interest rate by 25 bps to 3.75% – 4.00% in September 2026, with most policymakers projecting another increase before year-end. Persistent inflation remains a key risk to the global monetary policy outlook. Indonesia’s external debt grew 5.6% YoY to US$459.3 billion in August 2026, with the external debt to GDP ratio at 30.9%. Meanwhile, concerns over market transparency and trading integrity have intensified following MSCI’s consultation on the potential reclassification of Indonesia from Emerging Market to Standalone Market status. Improvements in share ownership transparency, free float disclosure, and the effectiveness of regulatory oversight by the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) will be crucial to maintaining foreign investor confidence ahead of MSCI’s final decision, scheduled by June 2027. This week, global markets will focus on key US economic releases, particularly Initial Jobless Claims (prev. 199K; cons. 200K), S&P Global Manufacturing PMI Flash for October (prev. 55.9; cons. 55.6), S&P Global Services PMI Flash for October (prev. 58.8; cons. 57.9), and Michigan Consumer Sentiment Final for October (prev. 48.1; cons. 46.3). These releases will provide further insight into US labor market conditions, economic activity, and consumer sentiment. In China, markets will monitor Q3 2026 GDP growth, projected at 4.4% YoY (prev. 4.3%), alongside September Industrial Production, expected to rise to 5.4% YoY (prev. 5.2%). Retail Sales growth is forecast at 0.5% YoY (prev. 0.4%), while cumulative Fixed Asset Investment is expected to improve to -7.3% (prev. -7.2%). Markets will also watch the 1-year and 5-year Loan Prime Rate (LPR) decisions, both expected to remain unchanged at 3.0% and 3.5%, respectively. In Indonesia, attention will center on Bank Indonesia’s interest rate decision on October 21, 2026, with the BI Rate expected to remain at 5.75% (prev. 5.75%), the Deposit Facility Rate at 4.75% (prev. 4.75%), and the Lending Facility Rate at 6.50% (prev. 6.50%). Markets will also monitor September Loan Growth, projected to moderate to 12.5% YoY (prev. 13.36%), and September M2 Money Supply Growth, following the previous reading of 8.2% YoY. Stockpick: ASII, BBRI, ELSA.