On Sunday morning (13/05) terrorists struck three churches in Surabaya (East Java) when Sunday morning services were about to start or were ongoing. By 14:00 pm local time on Monday police confirmed 15 deaths (including the six terrorists) and 45 injured people (who are being treated in local hospitals). However, over the past hours these numbers have been rising and therefore there is a chance they will rise further in the next couple of hours as developments proceed and more information becomes available.

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Based on data from Statistics Indonesia (BPS), Indonesia's trade balance showed a USD $1.63 billion deficit in April 2018. The deficit, which surprised most analysts' expectations, is the nation's biggest monthly trade deficit in four years (April 2014). While exports grew 9.0 percent year-on-year (y/y) to USD $14.47 billion, imports grew much more impressive - at a pace of 34.7 percent (y/y) - to USD $16.09 billion last month.

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The Indonesian rupiah and benchmark Jakarta Composite Index are again under pressure on Tuesday (15/05) as the 10-year US treasury yield is again touching 3 percent, while tensions in the Middle East increase and uncertainty about US-China trade relations persist ahead of a meeting between US and Chinese officials in Washington later this week where trade talks resume. Meanwhile, crude oil prices recovered to around USD $71 per barrel, approaching a 3.5 years high, on the back of reduced supply as OPEC reported that the global oil glut has been virtually eliminated.

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Indonesia's motorcycle exports in the first four months of 2018 reached 174,123 units, up 41.1 percent year-on-year from exports in the January-April period one year earlier. These data were released by the Indonesian Motorcycle Industry Association (AISI). The marked increase in exports is attributed to the competitive price of Indonesian motorcycles in combination with good quality.

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