US M2 Money Supply Reached Record High of USD 23.34 tn in Aug-26

US M2 Money Supply Reached Record High of USD 23.34 tn in Aug 26 
US M2 money supply increased 0.5% MoM to a record USD 23.34 tn in Aug-26 from USD 23.22 tn in Jul-26. The latest reading marked a new all-time high, extending the expansion in US money supply. (Trading Economic) 

US Crude Inventories Rose 1.79 mn bbl in Week Ended 18 Sep-26 
US commercial crude inventories increased 1.79 mn bbl WoW to 7.14 mn bbl, while Cushing inventories rose 2.08 mn bbl and 400,000 bbl were released from the SPR, bringing total SPR holdings to 284.6 mn bbl. US crude production remained at 13.94 mn bpd, up 462,000 bpd YoY, while gasoline and distillate inventories declined 2.16 mn bbl and 2.16 mn bbl. (Trading Economics) 

Indonesia Actively Pursued BLBI Debtor Assets 
The Ministry of Finance, through the Directorate General of State Assets (DJKN), continued active collection efforts against BLBI debtors, including asset seizure and marking in coordination with law enforcement agencies. The State Receivables Affairs Committee (PUPN), under DJKN, is responsible for collecting outstanding obligations following the dissolution of the BLBI Task Force in 2024, with PP No. 4/2026 providing a new legal basis for the recovery process. Separately, the govt. completed the repayment of IDR 218.3 tn in BLBI bonds to Bank Indonesia on 24 Aug-26, funded by remaining Bank Indonesia surplus. (Bloomberg Technoz) 

Indonesia Completed IDR 218.3 tn Bantuan Likuiditas Bank Indonesia (BLBI) 
Bond Repayment The govt. completed repayment of IDR 218.3 tn in BLBI bonds to Bank Indonesia in Aug-26, using PNBP sourced from BI’s audited FY25 surplus of IDR 55 tn. The repayment settled the govt.’s obligations to BI but did not eliminate the state’s collection rights against BLBI obligors and debtors. The Ministry of Finance, through PUPN under DJKN, will continue collecting outstanding BLBI obligations. (Bloomberg Technoz)

Indonesia Passed Agrarian Reform Bill Into Law 
Indonesia’s DPR passed the Agrarian Reform Bill into law on 22 Sep-26, establishing a framework for land redistribution, agrarian conflict resolution, and controls on land ownership and utilization. The law provides for a dedicated agrarian reform institution under the President, a supervisory board, integrated land data, and mechanisms for asset redistribution and community empowerment. The govt. will subsequently issue implementing regulations, including provisions on minimum and maximum land ownership limits, priority reform areas, agrarian conflict resolution, and the transfer of state/BUMN/BUMD land. (detikNews)

Telkom Indonesia (TLKM) Partnered With China Unicom on Digital Infrastructure 
TLKM, together with Telkomsel, InfraNexia, and Mitratel, signed an MoU with China Unicom Indonesia Operations on 21 Sep-26 to explore digital infrastructure, connectivity, and technology solutions in Indonesia. The partnership will cover data centers, AI, 5G solutions and use cases, connectivity, and IoT under a multilateral and reciprocal framework. TelkomGroup may utilize China Unicom’s global technology and network capabilities, while China Unicom may access TelkomGroup’s data center, cloud, and connectivity infrastructure to develop enterprise solutions and expand market access. (IDXChannel)

UNTR: 8M26 Operational Update 
UNTR's 8M26 operational performance remained soft across most business segments, despite some sequential improvement in equipment sales and saprolite shipments. Details are as follows: 
- Komatsu Sales: In Aug-26, Komatsu sales declined to 296 units (–25.8% MoM; –4.5% YoY), bringing 8M26 sales to 2,689 units ( 21.1% YoY), equivalent to 70.1% of our FY26 estimate. Lower coal production and reduced RKAB allocations have weakened the mining capex cycle, weighing on demand for heavy equipment. 
- Mining Contracting: Aug-26 overburden removal increased to 98.4 Mbcm (+8.3% MoM; +2.9% YoY), bringing 8M26 volume to 669.8 Mbcm (–8.5% YoY), equivalent to 70.8% of our FY26 forecast. The sequential improvement indicates higher stripping activity despite lower cumulative volumes. 
- Coal Sales: Thermal coal sales fell to 0.3 Mt (–41.4% MoM; –53.9% YoY) in Aug-26, while coking coal sales declined to 0.1 Mt (–60.2% MoM; –62.5% YoY). Cumulatively, 8M26 thermal coal sales reached 6.5 Mt (–16.4% YoY), representing 81.2% of our FY26 target, while coking coal reached 1.9 Mt (–28.3% YoY; 64.8% of target). Low water levels in rivers across Central Kalimantan disrupted coal shipments, driving the sharp decline in Aug-26 sales. 
- Gold Sales: in Aug-26, Gold sales increased to 10.0 Koz (+11.1% MoM; –44.4% YoY), bringing 8M26 sales to 43.0 Koz (–73.1% YoY), equivalent to 62.3% of our FY26 estimate. Stable Martabe production supported the sequential recovery in gold sales. 
- Nickel Sales: Aug-26 saprolite ore sales declined to 32.0 Kwmt (–42.9% MoM; –5.9% YoY), bringing 8M26 volume to 348.0 Kwmt ( 22.5% YoY; 49.7% of target). Meanwhile, limonite ore sales increased to 54.0 Kwmt (+74.2% MoM; –51.4% YoY), with 8M26 volume reaching 711.0 Kwmt (–28.0% YoY; 54.7% of target).