ASEAN Macro Daily(Beta Mode)
Singapore GDP Softens, Indonesia Rating Holds
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 6,039.52 | +0.03% |
| SET | 1,621.55 | +0.82% |
| KLCI | 1,719.94 | +1.27% |
| PSEi | 6,286.70 | +1.01% |
| STI | 5,495.61 | +0.46% |
| USD/IDR | 18,157.00 | +0.25% |
| USD/THB | 33.57 | +0.36% |
| USD/MYR | 4.07 | +0.15% |
| USD/PHP | 61.57 | -0.11% |
| USD/SGD | 1.29 | -0.15% |
| Brent Crude | 85.52 | +0.93% |
| Gold | 4,065.80 | +0.12% |
| Bitcoin | 64,819.40 | -0.21% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| GDP Growth Quarter-over-Quarter Advance Estimate | 1.30 | 1.10 | 1.10 |
JCI Indonesia Equity | Type: market_hloc | Index: 6040 (2026-07-14) | Range: 5342–7634 | Trend(6pt): 7624,7092,6195,6101,6038,6040
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Inflation Rate Month-over-Month | 0.10 | - | 20:00 |
| Inflation Rate Year-over-Year | 2 | 2 | 20:00 |
| Central Bank Interest Rate Decision | 5.75 | - | 03:30 |
- Singapore Q2 GDP growth printed 1.1% QoQ, matching consensus but below prior 1.3%.
- Regional equities rose with KLCI +1.27% and SET +0.82%; USD/IDR climbed 0.25%.
- S&P affirmed Indonesia rating while forecasting 5.1% 2026 growth, below official target.
Yesterday's Recap
Singapore released its Q2 GDP advance estimate at 1.1% QoQ, in line with consensus yet softer than the prior quarter’s 1.3% reading, reflecting subdued external demand. Equity markets closed higher across ASEAN, led by Malaysia’s KLCI (+1.27%) and Thailand’s SET (+0.82%), while Indonesia’s JCI edged up 0.03%. Currencies showed modest USD strength, with USD/IDR rising 0.25% to 18,157 and USD/THB gaining 0.36% to 33.57; USD/SGD eased 0.15%.
Indonesia’s external debt reached USD444.4 billion in May, while S&P retained the sovereign rating and projected 5.1% GDP growth for 2026. Bank Indonesia highlighted plans for a financial hub to strengthen external resilience amid ongoing capital-flow monitoring. Brent crude rose 0.93% to 85.52, supporting commodity-linked assets in Indonesia and Malaysia.
Indonesia’s bullion bank accumulated 153 tons of gold over the past year, bolstering reserves.
The Day Ahead
Malaysia will release June inflation data, with the year-over-year rate expected at 2.0% and month-over-month figures due at 20:00 ET. Indonesia’s Bank Indonesia is scheduled to announce its policy rate on 22 July at 03:30 ET, with markets pricing a hold at 5.75%. Thailand’s central bank continues to assess Middle East tensions and their impact on the baht, which has fallen more than 5% year-to-date.
No major releases are slated for the Philippines, Singapore or Vietnam tomorrow. Traders will also monitor any updates on India-Indonesia local-currency settlement progress that could ease USD demand in the region. Regional analysts recommend tilting ASEAN equity exposure toward Singapore and Malaysia rather than broader indices for the second half of 2026.
Other Economic Notes
S&P’s 5.1% growth forecast for Indonesia underscores fiscal pressures that authorities view as temporary, with external debt rising to USD444.4 billion. Thailand’s Bank of Thailand projects 2.3% growth this year but flags risks from weak investment, high household debt and inequality. Indonesia’s bullion bank accumulated 153 tons of gold over the past year, bolstering reserves.
Regional analysts recommend tilting ASEAN equity exposure toward Singapore and Malaysia rather than broader indices for the second half of 2026. <i>↓ p.2</i>
