Equity capital markets update:
- After three months of straight-line rallies in riskier markets, the recovery trade has entered a consolidation phase. Global stocks recovered on last day of the week (Jun 19), trimming the weekly drop. U.S. stocks rose on Jun 18, snapping a three-day losing streak as reports on jobless claims and manufacturing added to evidence the recession may be near a bottom
- Asian stocks fell for the first week in five as investors weighed the pace of economic recovery against valuations near the highest levels in five years. Commodities producers led the drop amid concerns that demand for raw materials won’t support share-price gains. The MSCI Asia ex-Japan ended the week at 316.9, 4.8% down
- JCI lost 4.8% last week closing at 1,990.5
Indonesia - market themes and outlook:
- Indonesia's rupiah had its biggest weekly drop since November, as waning confidence in a global economic recovery curbed demand for riskier assets
- The value of Indonesia's exports may contract 20% this year even after a "bottoming out" in the decline in overseas shipments, Trade Minister Mari Pangestu said. Export volumes may fall between 5-10% in 2009
- Indonesian Finance Minister Sri Mulyani said the country's debt ratio against its GDP has continued to decline in the past five years and is now even lower than those of advanced states
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