US Core Inflation Slowed to 2.6% YoY in Nov-25

MACROECONOMY 
US Core Inflation Slowed to 2.6% YoY in Nov-25 
Core consumer price inflation in the US eased to 2.6% YoY in Nov-25— the lowest since Mar-21 and below market expectations of 3.0%—as price pressures continued to moderate. Shelter rose 3.0% YoY, while medical care (+2.9%), used cars and trucks (+3.6%), and household furnishings (+4.6%) also posted notable gains. No Oct-25 data was released due to a 43-day government shutdown, and Nov-25 MoM figures were withheld. (Trading Economics)

COMPANY 
Telkom Indonesia (TLKM) Signed Phase I Fiber Optic Spin-Off Deed to Infranexia 
TLKM signed the deed for Phase I spin-off of wholesale fiber connectivity assets to Infranexia on 18-Dec-25, transferring ~50% of fiber assets valued at ~IDR 35.3 tn from a total portfolio exceeding IDR 90 tn, with legal effectiveness starting 01-Jan-26. Using an Infrastructure Price Index approach and factoring in ~USD 700 mn liabilities, the implied valuation of the fiber entity is estimated at IDR 120–150 tn once fully operational. Management stated the spin-off aims to improve capex efficiency and accelerate asset monetization, with Phase II and further value-unlocking actions targeted in 2026. (Kontan) 

Mora Telematika (MORA) to Merge with Sinarmas’ MyRepublic 
MORA will merge with MyRepublic, with MORA as the surviving entity and post-merger dilution of 50.5% for existing shareholders based on a 7,703.8x conversion ratio. The merged entity is expected to generate pro-forma revenue of IDR 6.7 tn with >9.7 mn homepass and 1.8 mn retail subscribers as of Sep-25. Management expects the merger to create a scaled, integrated digital infrastructure platform with stronger long-term growth. (Kontan)