U.S. Inflation Rose to 3.0% in Sep-25

MACROECONOMY 
U.S. Inflation Rose to 3.0% in Sep-25 
The U.S. annual inflation rate edged up to 3.0% in Sep-25 (vs Aug25; 2.9%), the highest since Jan-25 but slightly below forecasts of 3.1%. The uptick was driven by higher energy prices (+2.8% YoY vs +0.2%), led by fuel oil (+4.1%) and gasoline (-0.5% vs -6.6%), while food inflation eased slightly (3.1% vs 3.2%). Core inflation moderated to 3.0% (vs 3.1%). On a monthly basis, CPI rose 0.3% (vs Aug-25; +0.4%), mainly due to a 4.1% jump in gasoline prices. (Trading Economics) 

U.S. Manufacturing PMI Rose to 52.2 in Oct-25 
The S&P Global U.S. Manufacturing PMI increased to 52.2 in Oct-25 (vs Sep-25; 52.0), slightly above expectations of 52.0. The rise reflected stronger production and the fastest increase in new orders in 20 months, signaling continued expansion in factory activity. However, employment growth eased to a three-month low, and input inventories rose only slightly, while supplier delivery times lengthened at a slower pace. (Trading Economics) 

INDUSTRY 
Government Likely to Maintain 10% Additional Fuel Import Quota for Private Retailers in 2026 
The Ministry of Energy and Mineral Resources (ESDM) signaled that the additional fuel import quota for private gas stations in 2026 will likely remain at 10%, consistent with 2025 levels, to maintain national fuel supply stability amid growing energy demand. The decision continues the govt.'s previous policy granting private distributors import rights equal to 110% of their 2024 quota. Director General of Oil and Gas Laode Sulaeman noted that the 2025 quota model will serve as a benchmark for 2026, with collaboration mechanisms allowing Pertamina to assist private retailers facing supply or logistics delays. (Kontan)

COMPANY 
BCAS: BBNI IJ - 3Q25 Earnings Declined -10.6% YoY 

- BBNI reported 3Q25 net profit of IDR 5.0 tn (+6.5% QoQ; -10.6% YoY), bringing 9M25 net profit to IDR 15.1 tn (-7.3% YoY), slightly below consensus at 73.0%. 
- Net interest income stood at IDR 9.7 tn (+0.6% QoQ; -6.1% YoY), totaling IDR 29.3 tn in 9M25 (-0.6% YoY). 
- Operating income rose to IDR 16.4 tn (+10.1% QoQ; +0.6% YoY), supported by stronger non-interest income of IDR 6.6 tn (+28.0% QoQ; +21.2% YoY), bringing 9M25 operating income to IDR 46.5 tn (+0.5% YoY), slightly below consensus at 70.7% of FY25F.
 - Operating profit reached IDR 6.2 tn (+6.2% QoQ; -11.3% YoY), with 9M25 total at IDR 18.6 tn (-6.8% YoY) - below consensus at 69.7%. 
- Provisioning eased to IDR 1.5 tn (-13.3% QoQ), though 9M25 provisioning rose to IDR 5.6 tn (+7.5% YoY). 
- LDR stood at 86.9% (vs 2Q25: 86.2%; 3Q24: 95.3%), gross NPL remained at 2.0%, CAR stable at 21.2%, while ROE softened to 12.5% (vs 2Q25: 12.3%; 3Q24: 14.9%).