ASEAN Macro Daily(Beta Mode)
Rupiah Hits Record Low as JCI Slumps 4%
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 5,941.07 | -4.11% |
| SET | 1,588.06 | +1.26% |
| KLCI | 1,672.74 | -0.61% |
| PSEi | 5,953.17 | +0.68% |
| STI | 5,138.24 | +0.80% |
| USD/IDR | 18,034.00 | +0.99% |
| USD/THB | 32.61 | -0.24% |
| USD/MYR | 4.01 | +1.07% |
| USD/PHP | 61.43 | -0.41% |
| USD/SGD | 1.28 | +0.35% |
| Brent Crude | 95.01 | -2.86% |
| Gold | 4,505.10 | +1.54% |
| Bitcoin | 63,299.03 | -1.12% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Inflation Rate Year-over-Year | 2.42 | 2.97 | 3.08 |
| Trade Balance | 3,320m | 1,500m | 90m |
JCI Index 3M | Type: market_hloc | Index: 5941 (2026-06-03) | Range: 5941–7711 | Trend(6pt): 7577,7092,7634,7174,6195,5941
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Inflation Rate Year-over-Year | 7.20 | 7.50 | 17:00 |
- Indonesia’s rupiah fell to a record 18,034 per USD while JCI dropped 4.11% on fiscal concerns and capital outflows.
- May inflation rose to 3.08% y/y and the trade surplus collapsed to just USD 90 million, both missing forecasts.
- Thailand’s SET gained 1.26% as BOT moved to tighten BNPL rules and curb youth debt.
Yesterday's Recap
Indonesia dominated ASEAN moves as the rupiah broke above 18,000 per USD for the first time, prompting Bank Indonesia to reaffirm FX support. JCI tumbled 4.11% to 5,941.07, its steepest one-day decline in months. May CPI printed 3.08% y/y, above the 2.97% consensus, and the trade balance swung to a mere USD 90 million surplus versus USD 1.5 billion expected.
Elsewhere, Thailand’s SET rose 1.26% to 1,588.06 after BOT flagged new BNPL curbs by October. Malaysia’s KLCI eased 0.61% and the ringgit weakened 1.07% against the dollar. Singapore’s STI added 0.80% while the Philippines PSEi gained 0.68%.
Brent crude fell 2.86% to 95.01 while gold rose 1.54% to 4,505.10.
The Day Ahead
Philippines May inflation is due at 17:00 ET and is expected to rise to 7.5% y/y. No central-bank meetings are scheduled across the six ASEAN economies. Thailand’s cabinet will discuss further tourism stimulus measures.
Singapore releases May NODX tomorrow. Indonesia plans a 10-year benchmark bond auction. Market focus remains on rupiah intervention signals from BI.
Other Economic Notes
Indonesia’s widening fiscal concerns and record-low rupiah highlight vulnerability to portfolio outflows despite commodity revenues. Thailand’s push to regulate buy-now-pay-later lending targets rising household debt among young workers. Regional equity performance diverged sharply, with Indonesia underperforming while Thailand benefited from tourism recovery hopes.
Supply-chain shifts continue to favor Vietnam and Malaysia in electronics, though today’s data offered no fresh confirmation.
Global Macro News
The Bank of England cut its policy rate to 4% to support a sluggish UK economy. Kansas City Fed President Schmid described the US economy as in good condition, while New York Fed’s Williams saw no obvious direction for rates. Euro-zone business activity contracted in May as war-driven inflation accelerated.
Japan warned traders against pushing the yen deeper into intervention territory ahead of a key BOJ speech. <i>↓ p.2</i>
