Credit growth in China slumped to the lowest level in 15 months with aggregate financing dropping to 476.7 billion yuan (approx. USD $75 billion), coming in far below median forecasts and hence giving rise to further speculation that the world is importing deflation from China. Earlier in the week, China released several data that caused heightened negativity: falling exports, slowing inflation, and slowing industrial output. However, higher retail spending was a remarkable bright spot between mostly weak macroeconomic data from the world's second-largest economy.

Over the past trading week, emerging market stocks posted their largest weekly decline since September on concern about commodities and China's economy.

Indonesia's benchmark Jakarta Composite Index bucked the trend as it closed 0.24 percent higher at 4,472.84 points on Friday (13/11), possibly on recently improved domestic sentiments as inflation is slowing markedly, the current account deficit has been curtailed, while economic growth in Q3-2015 accelerated from the growth in the preceding quarter.

Jakarta Composite Index (IHSG):

However, the rupiah depreciated 0.65 percent to IDR 13,685 per US dollar (Bloomberg Dollar Index), while Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) depreciated 0.43 percent to IDR 13,633 per US dollar on Friday (13/11).

Indonesian Rupiah versus US Dollar (JISDOR):

| Source: Bank Indonesia

The Eurozone added negative sentiments to global equity markets as economic growth in the Eurozone unexpectedly slowed to 0.3 percent in the third quarter of 2015, underscoring the region's fragile recovery while the European Central Bank examines whether additional stimulus is required.

Meanwhile, concern about US consumer spending rose as US retail sales grew only by 0.1 percent in October, below expectation, while US department store chains released weak outlooks (Nordstrom and Macy's both lowered their forecasts for full-year growth). Over the past week all three major US stock indices (Dow Jones Industrial Average, S&P 500 and the Nasdaq) declined more than three percent.

Furthermore, the deadly terrorist attacks that hit Paris on Friday evening (13/11) are bound to cause more losses next week. After trading had closed on Wall Street - and when news spread about the attacks - US stock index futures hit session lows in light volume.