Jakarta. Indonesian stocks ended Monday slightly lower as investors stayed cautious amid mixed signals from global central banks and fresh signs of slowing economic momentum in China, while awaiting Bank Indonesia’s policy decision later this week.

Jakarta Composite Index (JCI) slipped 10.83 points, or 0.13 percent, to close at 8,649. The benchmark moved within a range of 8,622 to 8,720 during the session.

RTI data showed trading volume reached 58.19 billion shares, with turnover totaling Rp 33.41 trillion ($2 billion) across more than 3.5 million transactions. Gainers narrowly outnumbered decliners, with 340 stocks rising, 329 falling, and 132 closing flat.

Regional markets mostly weakened as investors weighed cautious commentary from US Federal Reserve officials, who reiterated that further interest rate cuts would hinge on incoming data as inflation risks remain elevated. Sentiment was further clouded by renewed concerns over the future independence of the Fed, following remarks by US President Donald Trump on potential candidates to lead the central bank next year.

From China, weaker-than-expected data reinforced worries over fading growth momentum. Industrial production growth eased to 4.8 percent year-on-year in November, while retail sales slowed sharply to 1.3 percent. Fixed-asset investment also contracted, underscoring soft domestic demand amid external pressures.

At home, attention shifted to Bank Indonesia ahead of its December 16–17 policy meeting. Throughout the year, the central bank has cut its benchmark rate aggressively to support growth, while maintaining price stability through liquidity expansion and market-friendly monetary operations. The Fed’s recent rate cut was seen as opening room for further easing globally, including in Indonesia, to support growth, stabilize the rupiah, and manage capital flows.

However, Pilarmas Investindo Sekuritas cautioned that inflation risks could resurface in the near term, particularly as natural disasters in parts of Sumatra threaten to disrupt logistics and supply chains.

“The Fed’s rate cut gives central banks, including Bank Indonesia, more room to ease policy, but inflation risks must still be closely monitored, especially with potential supply-chain disruptions from recent disasters,” Pilarmas said.

Across Asia, stocks broadly declined as traders braced for a potential interest rate hike by the Bank of Japan later this week. Japan’s Nikkei 225 fell 1.3 percent to 50,168.11, despite a quarterly “tankan” survey showing the highest level of business optimism among large manufacturers in four years. The survey reinforced expectations that the BOJ would proceed with a 25-basis-point rate hike, lifting its key rate to 0.75 percent.

Higher Japanese interest rates were seen as drawing capital back into traditional assets, weighing on alternatives such as cryptocurrencies. Bitcoin slipped below $88,000 earlier in the day before recovering to just above $90,000, according to CoinDesk.

Elsewhere, Chinese equities fell after the government reported that fixed-asset investment dropped 2.6 percent year-on-year in November, adding to concerns over weak demand in the world’s second-largest economy. In Hong Kong, the Hang Seng Index slid 1.4 percent to 25,625.60, while the Shanghai Composite fell 0.6 percent to 3,867.92. South Korea’s Kospi dropped 1.8 percent to 4,090.

On Wall Street, US stocks ended last week sharply lower, with the S&P 500 retreating 1.1 percent from a record high, the Nasdaq tumbling 1.7 percent, and the Dow Jones Industrial Average shedding 0.5 percent, as weakness in technology stocks weighed on sentiment.