Indonesia’s economic growth accelerated to 5.47% YoY in 3Q26, up from 5.29% in the previous quarter, supported by resilient household consumption, investment, and exports. Household spending grew 5.04%, while investment expanded 6.06%. However, rising inventories, particularly unsold vehicles, warrant attention, as they may indicate precautionary stockpiling rather than stronger final demand. Overall, domestic fundamentals remain supportive, although the sustainability of growth will depend on the strength of underlying consumption and investment. On the external front, foreign exchange reserves increased to US$146.8bn in October, from US$146.3bn in September, equivalent to 5.3 months of imports and above the international adequacy standard. Despite this buffer, the rupiah weakened to Rp18,130/USD on 6 November, reflecting continued currency pressure. Meanwhile, authorities are accelerating capital-market reforms following MSCI's warning over transparency and share ownership. Implementation and credibility of these reforms will be crucial to restoring foreign investor confidence.

IHSG recovered to 5,050.43 on 6 November, gaining 0.40%, after falling to an intraday low of 4,925.10. The late-session rebound helped the index reclaim the psychological 5,000 level, although the sharp intraday volatility suggests that investor sentiment remains fragile. Further market stabilization will likely depend on progress in regulatory reforms, rupiah stability, and sustained foreign investor participation.
 
At the corporate level, ANTM delivered strong 9M26 earnings, with net profit rising 48% YoY to Rp8.84tn, supported by stronger nickel and ferronickel contributions. In 3Q26, revenue declined 23% QoQ, but profitability remained resilient as gross margin improved to 18.3%. Ferronickel sales volume increased 33% QoQ, alongside a 10% improvement in realized pricing, offsetting weaker gold sales and lower nickel-ore prices. The stronger earnings mix highlights nickel's growing contribution to ANTM's overall performance, although softer precious metals revenue and commodity price volatility remain key factors to monitor.