Market Update 3 Nov 2026

Market Closing - Monday, 2 November 2026

• The Jakarta Composite Index (JCI/IHSG) closed 0.79% higher at 5,096.83, compared to 5,057.05 at the close on 30 October 2026.
• The Indonesian Rupiah weakened by 0.11% to IDR 18,145 per USD, compared to IDR 18,125 per USD at the close on 30 October 2026.

Domestic Market

Indonesia's financial markets closed mixed on Monday, with the JCI gaining while the Rupiah weakened. The JCI's gains were primarily supported by the utilities and basic materials sectors, while the Rupiah remained under pressure amid investor caution ahead of the US midterm elections. Domestically, easing inflation and an improvement in the manufacturing PMI provided positive sentiment. However, global uncertainties and the upcoming US economic agenda continued to weigh on market sentiment.

Indonesia Economic Indicators

• Manufacturing PMI: Increased to 54.0 in October from 52.4 previously, marking its highest level since March 2024. The expansion was driven by stronger new orders, particularly export demand, and increased production. However, rising raw material and energy costs could potentially intensify inflationary pressures.
• Trade Balance: Recorded a surplus of USD 3.36 billion in September 2026, down from USD 3.55 billion in the previous month. Exports grew by 11.87% YoY, while imports increased by 18.41% YoY. Cumulatively, the trade surplus reached USD 10.61 billion during January - September 2026.
• Inflation: Eased to 3.23% YoY in October 2026 from 3.28% previously. Core inflation declined to 2.56%, while food inflation increased due to the impact of El Niño.

Global Markets

Wall Street closed mixed on Monday. The Nasdaq Composite declined 1.07% to 25,164.32, while the S&P 500 fell 0.51% to 7,541.40. In contrast, the Dow Jones Industrial Average gained 0.41% to close at 51,983.98. Market pressure continued to stem from investor rotation out of technology and AI-related stocks amid concerns over the sector's substantial funding requirements and capital expenditure. Conversely, industrial and defensive stocks supported the Dow Jones' gains.

Oil prices extended their decline, with West Texas Intermediate (WTI) crude falling 5.87% to USD 96.37 per barrel and Brent crude declining 6.57% to USD 104.26 per barrel. The decline was driven by optimism surrounding US - Iran peace negotiations mediated by Qatar. Although both parties have signalled positive developments towards reaching an agreement, the risk of military escalation remains a concern ahead of the US midterm elections.

The US Dollar Index (DXY) declined 0.17% to 101.79, extending its losses for a fourth consecutive session. The weakening was influenced by lower oil prices and growing optimism over a potential resolution to the US - Iran conflict. Investors also remained focused on the US midterm elections and upcoming labour market data this week. Meanwhile, market expectations indicated an approximately 73% probability of a 25-basis-point Fed rate hike in December.

US Economic Indicators

• ISM Manufacturing PMI: Increased to 55.5 in October 2026 from 54.5 previously, indicating stronger expansion in US manufacturing activity and potentially providing support for the US Dollar.
• JOLTS Job Openings: Scheduled for release tonight, with market expectations pointing to an increase to 7.13 million in September 2026 from 7.07 million previously. An increase in job openings could indicate continued resilience in the US labour market and potentially support the US Dollar.

China Economic Indicators

China's Manufacturing PMI edged down to 52.0 in October 2026 from 52.1 previously, but remained in expansionary territory for the eleventh consecutive month. Production activity and new orders remained strong, including export demand. However, intense competition continued to put pressure on selling prices and business confidence, indicating that the manufacturing outlook still faces challenges.

USD/IDR Exchange Rate Outlook

Expected USD/IDR trading range today: IDR 18,100 - 18,200 per USD.

Indonesia Economic Indicators

Foreign Exchange Closing Rates - 2 November 2026

Sources: CNBC Indonesia, Trading Economics, Bank Indonesia, Reuters.

J Trust Bank - Foreign Exchange Services

Supported Currencies (Bank Notes & Telegraphic Transfers)

J Trust Bank provides foreign exchange services for the following currencies:

1. US Dollar (USD)
2. Singapore Dollar (SGD)
3. Japanese Yen (JPY)
4. Euro (EUR)
5. Australian Dollar (AUD)
6. British Pound Sterling (GBP)
7. Chinese Yuan (CNY)
8. New Zealand Dollar (NZD)
9. Hong Kong Dollar (HKD)
10. South Korean Won (KRW)

Foreign Exchange Transaction Requirements Against Rupiah

• Transactions below the applicable threshold: Customers are required to submit a Statement Letter for transactions below the threshold and a copy of their identification document.
• Transactions above the applicable threshold: Customers are required to submit a Statement Letter for transactions above the threshold, a copy of the underlying transaction document, Tax Identification Number (NPWP), and identification document.

Contact J Trust Bank Treasury Sales

Telephone: (021) 2926-1114 (Hunting)

• Bintang: 0812 2650 949
• Anif: 0811 8762 001
• Naomi: 0877 0633 1585
• Ade: 0821 6939 7410

Disclaimer

Although this information has been compiled by PT Bank JTrust Indonesia Tbk (J Trust Bank) from sources believed to be reliable, J Trust Bank makes no representation or warranty, whether express or implied, as to its accuracy or completeness, and accepts no responsibility for any errors or omissions. Accordingly, the information contained herein does not constitute a guarantee of future performance and should not be relied upon as such. All information disclosed herein is subject to change without prior notice. No part of this information may be reproduced in any form without the prior written consent of J Trust Bank.