ASEAN Macro Daily(Beta Mode)
Indonesian Spending Up Amid Iran War Risks
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 7,106.84 | +1.20% |
| SET | 1,432.99 | +1.10% |
| KLCI | 1,720.71 | -0.53% |
| PSEi | 6,018.62 | -0.61% |
| STI | 4,948.87 | -0.38% |
| USD/IDR | 16,978.00 | -0.37% |
| USD/THB | 32.77 | -0.09% |
| USD/MYR | 3.94 | +0.08% |
| USD/PHP | 59.80 | +0.06% |
| USD/SGD | 1.28 | +0.33% |
| Brent Crude | 106.41 | -2.06% |
| Gold | 4,574.90 | -0.56% |
| Bitcoin | 70,276.18 | -0.35% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent Oil Price Trends | Type: macro_line | Brent USD/bbl: 101 (2026-03-16) | Range: 59.93–133.2 | Trend(5pt): 63.89,118.5,94.56,74.3,101
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Indonesia's government spending surged 26% in January, with plans for $5B budget savings to mitigate Iran war impacts.
- ASEAN equities mixed: JCI +1.20%, SET +1.10%, but KLCI -0.53%, PSEi -0.61%, STI -0.38% amid global volatility.
- Currencies resilient; USD/IDR -0.37% to 16,978, though PHP nears P60/USD on war-driven inflation pressures.
Yesterday's Recap
ASEAN markets showed mixed results amid global tensions from the Iran war, with Indonesia leading positive news on fiscal strength. Government spending in Indonesia jumped 26% in January, highlighting efforts to shield the economy from conflict fallout, including $5 billion in planned budget savings. The JCI rose 1.20% to 7,106.84, aided by commodity sectors despite Brent crude falling 2.06% to 106.41.
Thailand's SET gained 1.10% to 1,432.99, supported by Bank of Thailand pledges to manage baht volatility and monitor war effects on growth. Malaysia's KLCI declined 0.53% to 1,720.71, reflecting caution over trade and energy risks. The Philippines' PSEi dropped 0.61% to 6,018.62, pressured by peso weakening to near P60 per dollar amid inflationary concerns from the conflict.
Singapore's STI fell 0.38% to 4,948.87, as investors weighed financial sector stability. Currencies displayed resilience, with USD/IDR down 0.37% to 16,978.00, USD/THB easing 0.09% to 32.77, USD/MYR up 0.08% to 3.94, USD/PHP rising 0.06% to 59.80, and USD/SGD increasing 0.33% to 1.28. Gold dipped 0.56% to 4,574.90, while Bitcoin fell 0.35% to 70,276.18, signaling safe-haven shifts.
The Day Ahead
No major economic data releases are scheduled across ASEAN today, leaving markets attuned to global updates on the Iran war, especially any developments regarding the Strait of Hormuz closure and oil supply disruptions. In Indonesia, rupiah volatility may rise ahead of Eid al-Fitr due to holiday demand and global turmoil. Thai traders will eye further Bank of Thailand statements on growth risks from the Middle East conflict.
Philippine focus remains on central bank responses to peso depreciation, while Singapore and Malaysia could react to regional trade dynamics. Expect subdued trading volumes unless new war-related headlines emerge, with sentiment hinging on commodity price movements.
Other Economic Notes
ASEAN economies confront challenges from the Iran war, particularly energy importers like Thailand and the Philippines, where oil price fluctuations threaten inflation goals. Indonesia benefits from commodity exports, bolstering resilience via fiscal measures like January's spending surge. The Philippines sees remittance gains from peso weakness but faces higher import costs.
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