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Asia

Market Chatter: Weakened Remittances Amid Middle East Conflict to Put Further Pressure on Southeast Asian Economies

Southeast Asian countries could see additional constraints from dampened remittance inflows, greater unemployment, and other spillover impacts from the Middle East war, Nikkei Asia said in a Thursday release.These pressures will add up to already rising energy prices and currency depreciation due to the conflict, the report said.Among the region's economies, the Philippines could be impacted the most as it is the largest source of migrant workers to the Middle East, reaching 1.1 million in January, according to the report.About 8.7% of the Philippines' 2024 GDP is attributed to remittances, the report cited World Bank data as saying.Remittances from overseas Filipino workers reached $2.8 billion in February, but this is expected to decline in March, according to the report.The country has repatriated about 4,200 workers from the Middle East since early March, with Thailand, Indonesia, and Singapore also doing similar actions for their citizens, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Indonesia Raises 172.1 Billion Yen from Samurai Bond Offering

Indonesia raised 172.1 billion yen from the sale of multi-tranche Samurai bonds, Bloomberg News reported Thursday.The biggest tranche of the bond comprises a 126.3 billion yen three-year note carrying a coupon of 2.35% and maturing in June 2029, according to the report.The sale, the biggest in two years, came as investor demand was stronger than concerns about budgetary pressures due to a rise in oil import costs amid the war in the Middle East, Bloomberg reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Bank Indonesia to Launch QRIS Payment System with China

Bank Indonesia is planning to launch its cross-border Quick Response Code Indonesian Standard (QRIS) connectivity with China on April 30, The Jakarta Globe reported Wednesday.The move comes as part of Indonesia's bid to become less dependent on the US dollar and boost stability related to the rupiah exchange rate.Indonesian visitors to China will be able to use QRIS in China, while Chinese travellers will have the option of making payments using compatible systems in Indonesia, according to the report.24 Indonesian companies and 19 Chinese institutions are reportedly taking part in the implementation of the payment connectivity framework.The launch will follow a trial period in which 556 billion rupiahs of transactions were conducted, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

Indonesia's Money Supply Growth Quickens to 9.7% in March

Indonesia's broad money supply (M2) grew 9.7% year-on-year in March to 10,355.1 trillion rupiah, according to central bank data.The latest expansion accelerated from the 8.7% growth in February, as narrow money (M1) increased 14.4% and quasi-money climebd 5.2%.The growth in M2 was mainly driven by stronger net claims on the central government, which surged 39.2% in March versus 25.6% in February.Disbursed loans also contributed, rising 8.9% year-on-year, unchanged from the previous month's pace, Bank Indonesia said.

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Asia

Islamic Syndicated Financing to Continue Growing in 2026 Despite Iran War, Fitch Says

Fitch Ratings expects Islamic syndicated financing to sustain a positive trajectory into 2026 amid an aversion for public US dollar sukuk and bonds due to the Iran war, according to a recent release.Issuers are leaning more into syndications, including Islamic, due to their private nature, reduced requirements, and accommodative banking systems in the Gulf Cooperation Council, Fitch said.Proceeds raised through Islamic syndications in core markets, which include Indonesia and Malaysia among other nations, exceeded those from dollar sukuk issuance in the first quarter, compared to a slowdown in conventional syndication, the rating agency said.In the longer term, post-war market appetite, access, and funding requirements will determine the dynamics of Islamic syndications, Fitch's global head of Islamic finance, Bashar Al Natoor, said.Syndications serve as a key funding channel even in periods of market uncertainty, with about 65% of Fitch-rated global Islamic banks and multilaterals being investment grade, the analyst said.Reported global outstanding Islamic syndication expanded by more than 26% year over year to $219 billion at the end of the first quarter, with Islamic syndication issued in core markets surging 294% year over year to $23 billion.

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International

Bank Indonesia Keeps Interest Rate Unchanged at 4.75%

Bank Indonesia kept its benchmark interest rate unchanged at 4.75%, following a two-day policy meeting on April 21 and April 22, in line with analysts' expectations, according to a Wednesday announcement by the country's central bank.The deposit and lending facility rates were also maintained at 3.75% and 5.50%, respectively.The central bank said the decision is aimed at supporting exchange rate stability and keeping inflation within its 2026-2027 target range of 2.5±1%. It is also an effort to stabilize the rupiah amid global uncertainties.Bank Indonesia added it stands ready to further tighten monetary policy if needed to maintain currency stability and manage inflation. The macroprudential and payment system policies will continue to support credit growth, financial stability, and economic activity, the central bank said.

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Asia

Market Chatter: Indonesia Refuses IMF, World Bank Loan Citing Stable Fiscal Position

Indonesia has rejected loan offers from the International Monetary Fund (IMF) and the World Bank, as the country's fiscal position remains stable, Jakarta Globe reported Tuesday, citing Finance Minister Purbaya Yudhi Sadewa.He said the IMF had proposed a credit facility of about $25 billion to $35 billion during the recent Spring Meetings in the United States. The government, however, declined the offer, citing about $27 billion in budget reserves carried over from the previous fiscal year., the news outlet said.He added that the World Bank had also extended an offer, though the value was not disclosed. The minister said Indonesia continues to rely on internal buffers to manage external shocks, including volatility in global oil prices.He also reaffirmed the government's commitment to keeping the fiscal deficit below the 3% of GDP legal ceiling, reportedly.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Indonesia Fuel Price Hike Sparks Concern Over Subsidy Pressure

Indonesia's decision to hike prices for selected non-subsidized fuels may push more consumers toward subsidized grades, economists warned, raising concerns over tighter supply and higher fiscal pressure, the South China Morning Post reported Wednesday.State energy firm Pertamina increased the price of RON98 petrol (Pertamax Turbo) to 19,400 Indonesian rupiah per liter from 13,100 rupiah, while diesel products such as Dexlite and Dex also rose sharply. The price of 12kg LPG cylinders was also increased to 228,000 rupiah from 192,000 rupiah in key regions, reportedly.Analysts said the wider price gap between subsidized and market-rate fuels could encourage consumers to switch to subsidized products, adding pressure on government support programs, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Indonesia Bourse Plans Exclusion of Tightly-Held Firms from Three Indexes

The Indonesian bourse is looking into removing various companies with a high shareholding concentration from the IDX30, IDX80, and LQ45 indexes, Bloomberg News reported Wednesday.The change, which will be implemented during the April index review, will take effect on the first trading day of May, the report stated citing a statement by the Indonesia Stock Exchange.This move, among other reforms recently introduced by Indonesia, will reportedly help mitigate the risk of a downgrade from emerging market status, the news outlet quoted Gary Tan, portfolio manager at Allspring Global Investments, as saying.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Indonesia to Export About 1 Million Tonnes of Fertilizer Due to Domestic Surplus

Indonesia is in discussion to export nearly 1 million tonnes of fertilizer to India, the Philippines, Thailand and Brazil due to domestic surplus, The Star reported Wednesday, citing Cabinet Secretary Teddy Indra Wijaya's presidential office statement.The plan follows an earlier commitment to supply 250,000 tonnes of fertilizer to Australia. The country produces about 7.8 million tonnes of urea fertilizer annually against the domestic demand of 6.3 million tonnes, leaving a surplus available for export, according to the report.The move will balance domestic supply needs while expanding overseas markets amid shifting global fertilizer demand, the news outlet reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Indonesia to Grant China Authorization for Reciprocal Bond Issuances

Indonesia's Finance Minister Purbaya Yudhi Sadewa has stated that the country will permit China to issue sovereign bonds in its domestic market, Jakarta Globe reported Tuesday.Indonesia is also planning debt instrument issuances in China after talks on reciprocal cross-border issuances at the spring meetings of the World Bank and International Monetary Fund in the US last week, the report said.China's competitive interest rates have previously prompted Indonesia to reveal plans to issue Panda bonds in the country.Access to more affordable funding options has boosted Indonesia's bargaining leverage with international investors, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: MSCI Reviews New Indonesian Transparency Rules for Capital Markets

MSCI is reviewing new capital market transparency reforms introduced by Indonesian authorities, while keeping existing restrictions on local equities in place, the Jakarta Globe reported Tuesday.The measures, rolled out by regulators and the stock exchange, include broader shareholder disclosure, tighter monitoring of ownership concentration, and plans to raise minimum free float requirements.MSCI said it is assessing the effectiveness of these steps, particularly their impact on ownership transparency and market accessibility. For now, MSCI will maintain curbs in its May 2026 index review, including limits on index weight increases and new stock inclusions.It may also remove certain securities flagged for high ownership concentration and selectively use new data to refine free float estimates. MSCI will provide further updates in June.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indonesia's Mining Policy Proposals to Adversely Impact Several Segments, Fitch Says

The impact of Indonesia's proposed mining policy reforms will vary among coal miners, mining contractors, and downstream nickel processors, Fitch Ratings said in a recent release.Coal policy proposals could adversely hit cash flow for miners and contractors, while nickel pricing shifts could weigh on processors, Fitch said.Proposed export duties would narrow realized margins, while lower production quotas would weigh on volumes and cash flows among upstream producers, Fitch said.Reduced stripping and overburden removal would create second-order effects for mining contractors, according to the rating agency.The proposals have already affected activity, with the country's coal export volumes dropping 7% year over year in the first two months of 2026 due to less output and paused spot sales, Fitch said.Fitch sees an increasing mining-linked risk in the country, with lingering policy uncertainty that could prompt a lower country risk assessment and put negative pressure on miners' credit profiles.

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International

Asia Week Ahead: Inflation; Trade Data; and Central Bank Decisions

The week ahead in Asia is packed with releases covering trade, inflation, and central bank updates which could offer markets fresh clues on how the region is navigating the conflict in the Middle East.Monday begins with trade data from New Zealand and Malaysia, as well as the release of China's loan prime rates.Attention then turns Tuesday to New Zealand's first-quarter inflation report, followed by Bank Indonesia's interest rate decision and Japan's March trade figures on Wednesday.Thursday brings another key central bank decision from the Philippines, as well as first-quarter GDP data from South Korea. Flash PMI reports from India, Japan and Australia will also be closely watched.Friday rounds off the week with Japan's March inflation data, as well as Thailand's trade report.Here's what to watch in the week ahead.MONDAY, April 20The week kicked off with the release of trade data from New Zealand and Malaysia.New Zealand recorded a goods trade surplus of NZ$698 million in March, compared with a deficit of NZ$364.7 million in February.Goods exports rose 7.3% to NZ$7.94 billion, while imports rose 9.6% to NZ$7.25 billion.Malaysia's total trade in goods rose 9.3% annually to 273 billion ringgit in March, driven by growth in both exports and imports.Exports increased 8.3% year on year to 148.8 billion ringgit, while imports rose 10.4% to 124.2 billion ringgit.China kept its loan prime rate or LPR, which is the benchmark for new loans, unchanged after posting a better-than-expected economy amid the Middle East conflict.The People's Bank of China held the one-year LPR at 3% and the LPR of five years or more at 3.5%.Economists at ING said the central bank may keep the rates on hold until conditions warrant monetary policy support. The People's Bank of China has maintained the one-year and five-year LPR since May 2025.TUESDAY, April 21New Zealand is due to report its first quarter inflation data.The country's consumer price index is anticipated to rise by 0.8% quarter on quarter and 2.9% year on year, BofA Securities estimated, slightly below the Reserve Bank of New Zealand's revised April forecast of 3%.Headline inflation is driven by soaring fuel prices in March due to the Middle East conflict, with petrol prices surging nearly 19% and diesel by nearly 43% month on month, according to the firm's research.Taiwan will release its export orders data. According to ING, the city state could see a rebound in orders to around 48.1% year on year from 23.8% previously.WEDNESDAY, April 22Indonesia's central bank will meet for its interest rate decision.ING said it expects Bank Indonesia to keep its policy rate at 4.75% despite inflation running above the central bank's 2.5% target. At 3.5%, inflation is still well below the roughly 5% peak in 2022 that triggered aggressive rate hikes, and with growth softening, the central bank is likely to remain on hold, according to ING.Japan's March trade figures will also be in the news. ING said it expects strong Japanese export growth in March thanks to demand for semiconductors and IT products, pushing the country's trade surplus to 1 trillion yen from 44.3 billion yen in the month prior.Elsewhere, South Korea reports producer price inflation data for March.THURSDAY, April 23Another interest rate decision, this time in the Philippines.The island nation's economy is one of the most susceptible to oil shocks in the region, and the Bangko Sentral ng Pilipinas' upcoming decision is "likely to be close" amid the current geopolitical situation in the Middle East, ING said in a preview.Still, the firm said its base case is for the central bank to maintain rates at 4.25%.South Korea's advance estimates for GDP growth for the first quarter will also capture headlines.Most analysts expect a rebound in growth after the economy contracted in the previous quarter, the Wall Street Journal reported.Barclays economist Bumki Son said the economy is likely to show a growth of 1.2% on a quarterly basis and 3% on a yearly basis thanks to stronger exports and a recovery in private consumption and facility investment, the WSJ reported.A consumer confidence report is also due in South Korea.Hong Kong and Singapore will announce Inflation data for March.Singapore's March print will capture the initial impact of the energy shock from the Middle East conflict, the WSJ reported, citing DBS economists. According to Trading Economics, the rate of price increase could quick to 1.5% year on year from the 1.2% witnessed in February.In Hong Kong, Trading Economics expects inflation to rise marginally to 1.8% on the year from the 1.7% recorded in February.Hong Kong will also release unemployment data the same day.A number of macro releases are expected in Taiwan, covering March retail sales, industrial production, and unemployment.Similar to its export orders, ING said it expects Taiwan's industrial production to rebound to 25.7% year on year from the 17.8% growth recorded in the month prior.On the activity front, S&P Global releases its flash PMI reports covering manufacturing, services, and composite activity in India, Japan, and Australia.FRIDAY, April 24Markets will await March inflation data from Japan.Core inflation, which excludes fresh food but includes energy, is expected to cool to a rate of 1.8% year on year from the 2% witnessed in February, according to a consensus compiled by Trading Economics.According to ING, efforts by Japan's government to stabilize gasoline prices should keep both headline and core inflation rates below 2%.March inflation data will also be due in Macao, which also reports unemployment rate the same day.Trading Economics estimates that March inflation could clock in at 1.2% year on year, modestly higher than the 1.16% witnessed in February.Unemployment, meanwhile, is expected to rise to 1.8% from 1.7% in the month prior, Trading Economics estimated.In Thailand, trade figures for March will be due.Trading Economics expects the country the post a trade deficit of $2 billion for the month, a reversal from the $2 billion surplus in February.A pair of reports covering business and consumer confidence in the first quarter will be due in the Philippines.A business confidence report covering the second quarter will similarly be made available in Hong Kong.

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Asia

Market Chatter: Indonesia's Pertamina Hikes Price of Non-Subsidized LPG

Indonesian state-owned oil and natural gas company Pertamina has raised the price of non-subsidised LPG, also known as Bright Gas, effective April 18, the Jakarta Globe reported Monday, citing official data.The 5.5 kg cylinder is now priced at 107,000 Indonesian rupiah, up from 90,000 rupiah in the previous adjustment in November 2023. Meanwhile, the 12 kg cylinder has also increased to 228,000 rupiah from 192,000 rupiah.The revised prices apply across several regions including Java, Bali, and West Nusa Tenggara, while higher ranges are set for areas outside Java, reportedly.Energy Minister Bahlil Lahadalia said non-subsidised LPG prices follow market conditions, while the subsidised 3 kg variant remains unchanged to protect lower-income households, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Indonesian Minister Defends Non-Subsidized Fuel Price Hike Amid Global Pressures

Indonesia's energy minister Bahlil Lahadalia has supported the recent increase in non-subsidized fuel prices, saying they are determined by global oil movements and exchange rate shifts, the Jakarta Globe reported Monday.He noted that premium fuels like high-octane petrol and advanced diesel products are sold under market pricing and are generally used by higher-income consumers, so they are not included in subsidy programs. Several non-subsidized fuel types saw significant price hikes, while regulated subsidized fuels remained unchanged, reportedly.Authorities said fuel pricing is periodically adjusted to reflect changes in international crude oil trends and the value of the rupiah against the US dollar. The government also continues to encourage oil and gas exploration through licensing rounds to strengthen long-term energy supply and investment inflows, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Indonesia's Pertamina's Tankers Remain Stranded in Strait of Hormuz

Indonesia's state energy firm Pertamina has been forced to halt the planned movement of two oil tankers after renewed disruptions in the Strait of Hormuz, following Iran's reversal of its decision to reopen the key shipping route, the Jakarta Globe reported Monday.The vessels, Pertamina Pride and Gamsunoro, remain stuck in the Persian Gulf and are unable to exit through the strait, which connects the region to the open ocean. Pertamina International Shipping said it is closely monitoring the "highly dynamic" situation while coordinating with authorities to secure safe passage for the ships and their cargo, according to the report.The Strait of Hormuz, a key route for global oil shipments, has faced repeated disruptions amid rising tensions between the US and Iran. This has pushed Brent crude prices higher as markets worry about potential supply risks. the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Indonesia Plans Higher Capital for Brokers, Fund Managers

Indonesia's financial regulator plans to raise minimum capital requirements for securities firms and some asset managers, aiming to reduce risks of market manipulation and strengthen investor confidence, Reuters reported Thursday, citing an official.The Financial Services Authority will introduce a tiered system where firms with higher capital can offer a wider range of services, while smaller players will face tighter limits.Under the changes, the minimum capital for the smallest brokerage firms will be doubled to 1 billion Indonesian rupiah, with top-tier firms required to hold significantly more. Asset managers offering full services will also face higher capital and asset thresholds.The move follows concerns raised by MSCI earlier this year about the transparency and accessibility of Indonesia's stock market. Authorities also plan stricter compliance requirements for certain firms, after data showed a notable share of market manipulation cases involved brokers or their executives.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indonesia's Danantara Fund Ushers In New Way to Support SOEs, S&P Says

A shift in the way the Indonesian government supports state-owned enterprises (SOEs) due to the Danantara sovereign wealth fund raises the country's growth prospects, S&P Global Ratings said in a recent release.Danantara, which is functioning more like an active corporate shareholder, prioritizes profit and efficiencies and has not been burdened by bureaucratic constraints, S&P said.S&P expects more consolidation and greater and more timely financial support for the SOEs as Danantara pushes for reforms in the sector.This will lead to larger SOEs in strategic areas while promoting economic growth and freeing up capital, S&P said.The rating agency also sees the sovereign wealth fund's corporate actions and shifting government support for SOEs realigning credit profiles.However, challenges persist amid defaults among some SOEs, heightened leverage for certain state-owned construction firms, and generally lower creditworthiness in the sector, S&P said.Danantara also plays a key role in capital allocation, with limitations in the dividend payouts from SOEs likely prompting more careful investments and priority for those that are more important to the economy.

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Asia

Market Chatter: Indonesia Says Russia Energy Deal Has No Impact on US Relations

Indonesia says its new crude oil and LPG deal with Russia will not affect its relations with the United States, stressing that it maintains strong ties with both countries, the Jakarta Globe reported Thursday.Foreign ministry officials said the agreement reflects Jakarta's strategy of diversifying energy sources to strengthen national energy security amid global supply pressures.Energy Minister Bahlil Lahadalia said Indonesia's "free and active" foreign policy allows it to cooperate with multiple partners as long as existing commitments, including a separate US energy deal, are honored, reportedly.The comments come after Indonesia signed deals with Russia while also pledging significant energy imports from the United States under a prior arrangement, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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