印尼雅加达综合指数 (JCI) 加自选

印尼股市周二下午下跌36点，跌幅0.4%，至8354点，此前一天收盘表现疲软。尽管政府努力促进包容性和增长，但国内银行仍不愿向小企业扩大信贷的报道扰乱了市场情绪。劳动力市场的担忧也挥之不去，2025年第三季度印尼的青年失业率和临时合同率上升。在全球范围内，美国期货交易走低，随着结束美国最长政府停摆的法案提交众议院投票，交易员们持谨慎态度。9月印尼零售销售走强和10月消费者信心达到六个月高点，部分缓解了损失，这表明通货膨胀有所缓解，经济持续得到财政支持。落后行业包括公用事业、非能源矿产和消费类非耐用品，Barito可再生能源下跌2.2%，圣淘沙电力公司（-2.1%）、中亚银行（-2.0%）和印尼人民银行（-1.3%）也下跌。

Indonesian equities fell 36 points, or 0.4%, to 8,354 on Tuesday afternoon, following a subdued finish in the prior day. Sentiment was rattled by reports that domestic banks remain hesitant to expand credit to small businesses, despite government efforts to boost inclusion and growth. Labor market concerns also lingered, with youth unemployment and temporary contracts in Indonesia rising in Q3 2025. Globally, U.S. futures traded lower, with traders being cautious as the bill to end the nation’s longest government shutdown moved to the House for a vote. Losses were partially cushioned by stronger Indonesian retail sales in September and a six-month high in October consumer confidence, signaling easing inflation and sustained fiscal support in the economy. Sector laggards included utilities, non-energy minerals, and consumer non-durables, with Barito Renewables Energy down 2.2%, along with Dian Swastatika Sentosa (-2.1%), Bank Central Asia (-2.0%), and Bank Rakyat Indonesia (-1.3%).

周二，印尼盾从上一交易日的16660印尼盾兑1美元小幅下跌至16700印尼盾兑美元，受第三季度疲软的劳动力数据影响，显示失业率居高不下，年轻工人再次首当其冲。与此同时，印尼央行行长Perry Warjiyo表示，仍有进一步降息的空间，预计央行将在2026年3月底前将基准利率再下调50个基点，此前自2024年9月以来累计降息150个基点，央行在10月暂停降息。另外，印尼10月外汇储备小幅上升，但仍接近14个月低点，反映出资本外流和进口支付的持续压力。在全球范围内，美元指数在99.6左右几乎没有变化，此前美国参议院通过了一项法案，为政府提供资金，结束了美国最长的停摆，该法案现在正在众议院进行投票。

The Indonesian rupiah weakened slightly toward 16,700 per dollar on Tuesday from 16,660 in the previous session, weighed by soft Q3 labor data showing unemployment remaining elevated and young workers again bearing the brunt of job losses. Meanwhile, Bank Indonesia Governor Perry Warjiyo indicated there remains room for further rate cuts, with the central bank expected to lower its benchmark rate by another 50 basis points by the end of March 2026, following a pause in October after cumulative cuts of 150 basis points since September 2024. Separately, Indonesia’s foreign exchange reserves edged higher in October but remained near a 14-month low, reflecting continued pressure from capital outflows and import payments. Globally, the dollar index was little changed around 99.6 after the U.S. Senate passed a bill to fund the government and end the nation’s longest shutdown, with the measure now moving to the House for a vote.

印尼IDX综合指数在周二早盘交易中下跌27点，跌幅0.3%，至8367点，此前一天收盘温和。公用事业、非耐用消费品和消费服务领跌，一些交易员在周一盘中创下历史新高后获利回吐。与此同时，在印度尼西亚工会拒绝了拟议的2026年省级最低工资公式后，劳工紧张局势浮出水面，称没有与工人进行有意义的协商。在企业方面，雅加达证实了科技巨头GojekTokopedia和区域叫车公司Grab的合并计划，这引发了竞争和监管问题。美国参议院通过了一项法案，结束了持续时间最长的政府停摆，这在一定程度上抵消了疲软。根据最新数据，印尼9月份零售销售增长加速，同比增长3.7%，此前为3.5%。值得注意的下跌股包括圣淘沙Jaya Sukses Makmur（-6.8%）、Hanjaya Mandala Sampoerna（-2.9%）和Tower Bersama Infrastructure（-2.3%）。

Indonesia’s IDX Composite slipped 27 points, or 0.3%, to 8,367 in early Tuesday deals, following a muted close the day before. Losses were led by utilities, consumer non-durables, and consumer services, as some traders booked profits after Monday’s intraday record high. Meanwhile, labor tensions surfaced after trade unions in Indonesia rejected the proposed 2026 provincial minimum wage formula, saying workers were not meaningfully consulted. On the corporate front, Jakarta confirmed plans for a merger between tech giant GojekTokopedia and regional ride-hailing firm Grab, raising competition and regulatory questions. Weakness was partly offset by relief after the U.S. Senate passed a bill to end the longest government shutdown. On fresh data, retail sales growth in Indonesia accelerated in September, rising 3.7% yoy after a 3.5% growth previously. Notable decliners included Jaya Sukses Makmur Sentosa (-6.8%), Hanjaya Mandala Sampoerna (-2.9%), and Tower Bersama Infrastructure (-2.3%).

2025年9月，印尼零售额同比增长3.7%，略高于上月3.5%的增长。这标志着零售额连续第五个月增长，反映了政府为保持购买力而采取的持续支持措施。食品、饮料和烟草（8月份为5.4%对4.8%）、汽车零部件和配件（12.4%对11.3%）、燃料（10.6%对11.7%）以及文化娱乐用品（2.6%对2.5%）的销售额继续增长。相比之下，家用电器（-2.6%对-1.8%）和信息通信设备（-27.6%对-28.9%）的销售仍然疲软。与此同时，服装销售额下降7.1%，扭转了8月份8.3%的增长，这是四个月来的首次下降。按月计算，零售活动从8月份的0.6%增长下降了2.4%。

Indonesia’s retail sales rose 3.7% year-on-year in September 2025, slightly quickening from a 3.5% increase in the previous month. This marked the fifth consecutive month of expansion in retail turnover, reflecting ongoing support measures from the government to maintain purchasing ability. Sales continued to grow for food, beverages, and tobacco (5.4% vs 4.8% in August), automotive parts and accessories (12.4% vs 11.3%), fuel (10.6% vs 11.7%), and cultural and recreational goods (2.6% vs 2.5%). In contrast, sales of household appliances (-2.6% vs -1.8%) and information and communication equipment (-27.6% vs -28.9%) remained weak. Meanwhile, clothing sales dropped 7.1%, reversing an 8.3% gain in August and marking the first decline in four months. On a monthly basis, retail activity fell 2.4%, swinging from a 0.6% increase in August.