MACROECONOMY
China Inflation Rose to 0.8% in Dec-25
China’s annual inflation inched up to 0.8% YoY in Dec-25 (vs Nov-25; 0.7%), the highest since Feb-23 but below market expectations of 0.9%. The uptick was driven mainly by food inflation, which rose to 1.1% YoY, the fastest in 14 months, supported by higher fresh vegetable and fruit prices. Non-food inflation stayed steady at 0.8%, underpinned by consumer trade-in programs, with continued price increases in clothing, healthcare, and education. Core inflation held at 1.2% YoY, a 20-month high, indicating mild underlying demand, while monthly CPI rebounded to +0.2% after a decline in Nov-25. On a full-year basis, inflation remained flat, undershooting the official ~2% target. (Trading Economics)

Indonesia Consumer Confidence Eased to 123.5 in Dec-25
Indonesia’s consumer confidence index slipped slightly to 123.5 in Dec-25 (vs Nov-25; 124.0).Current income perceptions fell 1.3 pts to 120.2, the economic outlook declined 1.0 pt to 135.6, and assessments of current economic conditions edged down to 111.4. Durable-goods purchasing sentiment also weakened (–1.8 pts to 107.6). Offsetting these, job availability compared to six months ago improved (+2.8 pts to 106.5) and income expectations for the next six months edged higher (+0.2 pt to 140.8), suggesting confidence remains elevated despite mild near-term normalization. (Trading Economics)

INDUSTRY
Indonesia Car Sales Jumped 25.7% YoY in Dec-25
Indonesia’s new car registrations surged 25.7% YoY to 100,163 units in Dec-25 (vs Nov-25; –0.8%), rebounding sharply on seasonal promotions and stronger demand during the year-end holiday period. Despite the strong Dec-25 finish, full-year 2025 car sales totaled 808,450 units, down 6.8% YoY, reflecting broader demand softness across most of the year. (Trading Economics)

COMPANY
Glencore Reduced Stake in Trimegah Bangun Persada (NCKL)
Glencore International Investment Ltd sold 204.97 mn shares of NCKL across five transactions between 29-Dec and 07-Jan, generating proceeds of IDR 276.9 bn. Following the divestment, Glencore’s ownership declined from 7.20% to 6.87%, or 4.33 bn shares outstanding. The transaction was conducted as a direct share sale, according to the disclosure filed with the Indonesia Stock Exchange. (Kontan)

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