Research & Stock Picks

Economic Reports

19 January 2026

By

Samuel Weekly Economic Insights 19 January 2026

Highlights

  • Policy stance stayed “stabilization-first”: currency management, fiscal discipline/efficiency, and targeted industrial support dominated the tone as Indonesia entered 2026.

 

  • Risk premium remained geopolitically driven: With Trump’s secondary-sanctions escalation (25% tariff on Iran’s trading partners) reinforcing global trade uncertainty and EM spillovers.

 

  • Domestic demand signals were mixed: retail activity improved into year-end, but confidence stayed cautious; autos and property still showed weak underlying demand.

 

  • State-led growth levers strengthened: energy/infrastructure execution and food-security programs continued, but “budget efficiency” and financing costs surfaced as binding constraints for industry.

 

  • Markets stayed volatile but constructive on equities; bonds remained fragile. JCI moved from a Monday dip to a two-day rebound on foreign inflows and commodity-linked leadership, while FR yields stayed pressured amid FX sensitivity.

 

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