MACROECONOMY

US Officially Cut EU Car Import Tariffs to 15% Effective Aug-25
The US reduced tariffs on car imports from the EU to 15%, retroactive from 01 Aug-25, as part of a recently signed trade deal. The new tariff replaces the previous 25% rate (plus 2.5% duties) and applies to most EU auto exports, while certain sectors like aircraft, generics, and specific raw materials remain under MFN tariffs. The cut is conditional on reciprocal EU tariff reductions for US industrial and agricultural products, which the EU implemented on 28 Aug-25. Tariffs on steel and aluminium remain unchanged at 50%. (Bisnis.com)

Japan’s Manufacturing PMI Fell to 48.4 in Sep-25, Lowest in Six Months
Japan’s manufacturing sector contracted further in Sep-25, with the S&P Global PMI dropping to 48.4 from 49.7 in Aug-25, marking the sharpest decline in six months and the lowest since Mar-25. Output and new orders weakened, reflecting cautious inventory policies and soft market conditions, though export order declines eased slightly from Aug-25’s 17-month low. Input cost inflation fell to its weakest since early 2021, while output price inflation rose. Meanwhile, the services PMI stood at 53.0, sustaining expansion for a sixth straight month, supported by strong domestic demand. Composite PMI slipped to 51.1 from 52.0, signaling slower overall business activity growth. (Reuters)

INDUSTRY

Indonesia’s E-Cigarette Workforce Was Projected to Reach 200,000 by 2030
Indonesia’s e-cigarette industry workforce was projected to grow to 200,000–280,000 by 2030, up from around 150,000–200,000 in 2023. The increase reflected rising REL (rokok elektrik) users and expansion of retail SME channels, estimated to add 1%–3% annually over the next five years. The sector had already contributed significantly to state revenue, with excise on HPTL (other processed tobacco products, including e-cigarettes) reaching IDR 2.65 tn in 2024, up 43.7% YoY from 2023, and more than twentyfold higher than 2018’s IDR 99 bn. (Kontan)

COMPANY

State-Owned Banks Raised USD Deposit Rates to 4%
Four state-owned banks — BMRI, BBNI, BBRI and BBTN— simultaneously raised USD deposit rates to 4%, up from previous ranges of 0.2%–2.0% depending on maturity. The move aligned with govt. efforts to attract more foreign currency funds into Indonesia. Managements across the banks highlighted that the adjustment aimed to provide more attractive returns, encourage repatriation of offshore deposits, and strengthen domestic liquidity. (Kontan)

Astra Agro Lestari (AALI) to Distribute IDR 123/sh Interim Dividend
AALI will distribute an interim cash dividend of IDR 236.73 bn (IDR 123/sh) for FY25 (Div.yield: 1.6%). The dividend schedule is as follows: - Cum Dividend (Regular & Negotiated Market): 02 Oct-25 - Ex Dividend (Regular & Negotiated Market): 03 Oct-25 - Cum Dividend (Cash Market): 06 Oct-25 - Ex Dividend (Cash Market): 07 Oct-25 - Recording Date: 06 Oct-25 - Payment Date: 24 Oct-25 (IDX)

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Bank Tabungan Negara

23 April 2025 - 04.41pm

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stocks

China Industrial Profits Rebound 0.9% in 8M25

stocks

US Posted 3.8% GDP Growth in 2Q25

stocks

US Officially Cut EU Car Import Tariffs to 15% Effective Aug-25