Global Markets Strategy 06 July 2026 J P M O R G A N Indonesia Equity Strategy Offense wins games, defense wins titles Last week, the Indonesian Parliament and Government agreed on the macroeconomic assumptions and projections of the 2027 draft budget (link). In our view, the defensive posture with a 1.8-2.4% deficit/GDP target would be welcomed by investors. This, combined with the recent emphasis on budget efficiency and easing energy prices, should improve the flow outlook for Indonesian equities as equi ...