ASEAN Equities Tumble Amid Global Jitters

Market Snapshot

Asset	Level	Change
JCI	6,969.40	-2.86%
SET	1,500.36	-0.48%
KLCI	1,748.06	-0.61%
PSEi	5,960.97	-1.21%
STI	4,921.90	-0.41%
USD/IDR	17,370.00	+0.43%
USD/THB	32.15	-0.31%
USD/MYR	3.92	+0.27%
USD/PHP	60.53	+0.04%
USD/SGD	1.27	-0.08%
Brent Crude	101.29	+1.23%
Gold	4,730.70	+0.66%
Bitcoin	81,141.00	+0.59%
Indonesia 10Y Govt Yield	-	-
Thailand 10Y Govt Yield	-	-

Prior Economic Events

Data	Prior	Cons	Actual
No events available

Today's Economic Events

Data	Prior	Cons	Time
No events available

ASEAN stock markets declined broadly, with Indonesia's JCI leading losses at -2.86%, pressured by rupiah weakness and rising global yields.
Currencies showed mixed performance versus USD, as IDR depreciated 0.43% while THB appreciated 0.31%, reflecting divergent economic pressures.
Commodities rose, with Brent up 1.23% and gold gaining 0.66%, offering some buffer to resource-dependent ASEAN economies like Indonesia and Malaysia.

Yesterday's Recap

ASEAN equity markets experienced widespread declines on May 9, 2026, amid heightened global geopolitical tensions and mixed currency movements. Indonesia's JCI index fell sharply by 2.86% to 6,969.40, driven by a 0.43% appreciation in USD/IDR to 17,370.00, signaling rupiah depreciation as foreign outflows intensified amid commodity volatility. Thailand's SET index dropped 0.48% to 1,500.36, with USD/THB declining 0.31% to 32.15, reflecting THB appreciation and cautious investor sentiment despite stable tourism inflows.

Malaysia's KLCI declined 0.61% to 1,748.06, pressured by a 0.27% rise in USD/MYR to 3.92, while the Philippines' PSEi slid 1.21% to 5,960.97 with minimal PHP movement at +0.04% to 60.53. Singapore's STI edged down 0.41% to 4,921.90, as USD/SGD dipped 0.08% to 1.27, highlighting the city-state's resilience as a financial hub. No major data releases occurred across the region, but broader market moves were influenced by rising Brent crude to 101.29 (+1.23%) and gold to 4,730.70 (+0.66%), benefiting export-oriented economies like Indonesia and Vietnam.

Overall, the session underscored ASEAN's vulnerability to external shocks, with Bitcoin's modest 0.59% gain to 81,141.00 providing little offset.

The Day Ahead

The ASEAN calendar remains light on May 10, 2026, with no major data releases scheduled, allowing markets to digest recent global developments. Investors will monitor any ad-hoc announcements from central banks, particularly BI in Indonesia, amid ongoing rupiah pressures. In Malaysia, attention may turn to potential updates on industrial production trends following recent FDI inflows.

Thailand could see focus on tourism data previews, while Vietnam's manufacturing sector might release preliminary export figures. Singapore, as the financial center, may react to global FX flows impacting the NEER band. Overall, expect volatility driven by external factors rather than domestic events.

Other Economic Notes

Broader ASEAN themes highlight ongoing supply chain shifts from China to Vietnam and Indonesia, bolstering manufacturing FDI amid US trade tensions. <i>↓ p.2</i>

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Other Economic Notes (continued)

Remittance-dependent Philippines faces headwinds from global job market slowdowns, as seen in mixed US and Canadian employment data. Commodity-driven economies like Indonesia and Malaysia benefit from elevated Brent and gold prices, supporting trade surpluses despite equity pressures.

Global Macro News

Global markets are grappling with mixed employment data, as the US added 115,000 jobs in April 2026 despite geopolitical tensions from the Iran war, keeping unemployment steady at 4.3% and signaling resilience that could support ASEAN exports. In contrast, Canada's economy shed nearly 18,000 jobs, pushing unemployment to a six-month high and raising concerns over North American demand for ASEAN goods. The UK faces stalled growth and potential brutal spending cuts, as warned by experts, which may dampen European investment flows into Singapore and Malaysia.

ECB President Lagarde highlighted risks from euro stablecoins to financial stability, potentially affecting cross-border capital in ASEAN's fintech hubs like Singapore. Norway's Norges Bank is expected to raise rates further, contrasting with potential Fed pauses and influencing global yield curves that pressure ASEAN bonds. Geopolitical risks, including the Iran conflict, are elevating oil prices, benefiting Malaysia's energy sector but raising inflation fears across the region.

Bitcoin's stability amid these tensions offers a hedge for ASEAN investors, while broader warnings on economic controls underscore the interconnectedness of global and regional macro dynamics.

ASEAN Central Banks Watch

ASEAN central banks maintain divergent stances amid global uncertainties, with Bank Indonesia (BI) likely intervening to support the rupiah after its 0.43% depreciation, reflecting its aggressive defense strategy and ample reserves. Bank of Thailand (BoT) benefits from THB appreciation, keeping policy on hold to monitor inflation from tourism recovery, while Bank Negara Malaysia (BNM) watches MYR weakness and may prioritize capital flow management over rate adjustments. Bangko Sentral ng Pilipinas (BSP) remains cautious on PHP stability, with inflation dynamics suggesting no imminent changes from its current rate path.

The Monetary Authority of Singapore (MAS) continues to manage its NEER exchange rate bands effectively, as seen in SGD's minor appreciation, diverging from interest rate-focused peers. State Bank of Vietnam (SBV) focuses on VND stability to attract FDI, with reserve adequacy supporting controlled interventions. Policy divergences persist, with BI and BSP more hawkish on FX risks compared to MAS's band-based approach, as inflation remains contained but external pressures mount.

ASEAN Macro Daily(Beta Mode)