Market Update 4 Nov 2026

Financial Market Closing - Tuesday, 3 November 2026

• The Jakarta Composite Index (JCI) declined by 3.78% to 4,904.29, compared to the previous closing level of 5,096.83 on 2 November 2026.
• The Indonesian Rupiah appreciated by 0.03% to IDR 18,140 per USD, compared to IDR 18,145 per USD at the close on 2 November 2026.

Indonesia's financial markets closed mixed on Tuesday, with the JCI posting a significant decline, while the Rupiah recorded a marginal appreciation. Equity market pressures were driven by broad-based selling across all sectors and heightened global uncertainty, while the Rupiah remained under pressure from capital outflow risks and expectations of a potential BI-Rate hike. Despite these headwinds, declining global oil prices and improving domestic manufacturing activity provided some positive sentiment.

Global

Wall Street closed mixed on Tuesday. The Nasdaq Composite rose by 0.83% to 25,372.01, while the S&P 500 gained 0.36% to 7,568.92. In contrast, the Dow Jones Industrial Average declined by 0.38% to 51,786.72. The Nasdaq's gains were supported by renewed buying interest in technology and semiconductor stocks following selling pressure over the previous trading sessions. Conversely, the Dow Jones was weighed down by a decline in Apple shares amid disappointing margin guidance. Investors also monitored the outcome of the US midterm elections, which could influence the direction of economic policies and market volatility. Meanwhile, easing concerns over the US - Iran conflict added further downward pressure on oil prices.

West Texas Intermediate (WTI) crude oil prices edged lower to USD 96.35 per barrel, while Brent crude declined by 0.35% to USD 103.89 per barrel, amid ongoing uncertainty surrounding US - Iran peace negotiations. Both countries are still considering proposals put forward by mediators; however, differences in their positions and limited US strikes against Iran indicate that geopolitical risks have not fully subsided. Nevertheless, optimism surrounding a potential diplomatic agreement and the recovery of Middle Eastern oil exports continued to weigh on oil prices, with WTI having declined by more than 7% over the course of this week.

The US Dollar Index (DXY) edged down by 0.04% to 101.74, as investors adopted a cautious stance ahead of the US midterm elections and the release of labor market data later this week. The decline was also driven by reduced demand for the US dollar as a safe-haven asset amid hopes of progress in US - Iran peace negotiations. Meanwhile, market participants are pricing in a 78.4% probability that the Federal Reserve (The Fed) will raise interest rates by 25 basis points (bps) in December, following its decision to keep rates unchanged in October.

The US midterm elections held on 3 November 2026 could reshape the balance of power in Congress, with the Democratic Party expected to gain an advantage in the race for the House of Representatives, while the Senate race remains closely contested. If the Democrats secure a majority in either or both chambers of Congress, President Trump's ability to advance his policy agenda, particularly regarding fiscal and trade policies, could become increasingly constrained. The election outcome warrants close attention, as political uncertainty in the US could trigger volatility across global financial markets and influence movements in the US dollar.

The US has released its September JOLTS Job Openings data, which increased to 7.52 million, up from 7.19 million previously. The rise in job vacancies indicates that US labor demand remains relatively strong, potentially supporting the US dollar and putting downward pressure on the Rupiah.

Later tonight, the US is scheduled to release several key economic indicators, including October ADP Employment Change, which is projected to decline significantly to 69,000 from 90,000; September Trade Balance, with the deficit expected to widen to USD 108 billion from USD 105.6 billion; and October ISM Services PMI, which is forecast to edge down slightly to 54.8 from 54.9. Weaker labor market and services sector data could weigh on the US dollar, while a widening trade deficit may add further downward pressure, potentially providing support for the Rupiah.

Rupiah Exchange Rate Outlook

Expected USD/IDR Trading Range Today

IDR 18,100 - 18,200

Indonesia Economic Indicators

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

Foreign Exchange Market Closing Rates - 3 November 2026

J Trust Bank - Bank Notes & Telegraphic Transfers (BN & TT)

Available Foreign 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)

Requirements for Foreign Exchange Transactions Against Rupiah

• Transactions below the applicable threshold: Customers are only required to submit a Statement Letter confirming that the transaction amount is below the threshold, along with a copy of their identification document.
• Transactions above the applicable threshold: Customers are required to submit a Statement Letter confirming that the transaction amount exceeds the threshold, together with copies of the underlying transaction documents, Taxpayer Identification Number (NPWP), and identification document.

Contact J Trust Bank Indonesia Treasury Sales

Telephone: (021) 2926-1114 (Hunting)

• Bintang: 0812 2650 949
• Hanif: 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 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.