US equities closed higher on Tuesday (12/8): Dow +1.10%, S&P 500 +1.14%, and Nasdaq +1.39%. S&P 500 and Nasdaq closed at new all-time highs as investors digested the tamer-than-expected inflation data. The 10-year US Treasury yield rose +0.006 bps to 4.291%, while the USD Index fell -0.43% to 98.10.
Commodity markets were quite mixed: WTI oil -1.62% to USD 63.10/bbl, Brent oil -0.77% to USD 66.12/bbl, coal -1.72% to USD 111.6/ton, CPO (Oct) +0.36% to MYR 4,400, and gold +0.10% to USD 3,350.8/oz.
Asian markets closed mostly higher: Nikkei +2.15%, Shanghai +0.50%, Hang Seng +0.25%, while Kospi fell -0.53%. JCI surged +2.44% to 7,791.7, with foreign investors posting a net buy of IDR 2.19tn (regular: +IDR 2.26tn; negotiated: +IDR 74.2bn). Top net buys: BBRI (+IDR 718.8bn), BBCA (+IDR 569.3bn), BMRI (+IDR 511.5bn). Top net sells: ANTM (-IDR 75bn), ITMG (-IDR 46bn), WIFI (-IDR 42bn). Leading movers: BBRI, DCII, TLKM; laggards: MDKA, DSSA, BRMS.
Both Kospi (+0.87%) and Nikkei (+0.73%) opened higher this morning. We expect JCI to decline today, pressured by negative sentiment from commodity markets and potential profit-taking after recent rally.
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