Indonesian President Joko Widodo monitored the development of coronavirus in Wuhan, China, and promised to protect Indonesian citizens who live at the city - Photo by Xinhua

JAKARTA (TheInsiderStories) – Indonesian President Joko Widodo monitored the development of coronavirus in Wuhan, China, and promised to protect Indonesian citizens who live at the city. The government through the Indonesian Embassy tried hard to meet the logistical needs of the Indonesian citizens and made sure that the delivery of aid could go well.

“We have done surveillance at all our airports, especially those related to flights to and from China. The most important thing is to be careful and be aware of the symptoms,” he told reporters today at Surabaya, East Java.

So far, the epidemic has spread to more than 10 countries and killed 81 peoples. To anticipated the impact of the virus to Indonesia, today, the coordinating minister for human rights and culture will hold a ministerial meeting.

Chinese government has announced it will extend the Lunar New Year holidays to Feb. 2 to strengthen the prevention and control of the new coronavirus from earlier due on Jan. 30. So far, the global stock market and oil prices has tumbled amid the coronavirus issues do further damage to China’ already weakened economy, an engine of global growth.

Chinese Yuan was mired near its weakest level in a month as heightened anxiety about the economic impact of a deadly new coronavirus in China battered riskier assets. The Renmimbi was quoted at 6.9824 a US Dollar, near its weakest since end of last year.

The Japanese Yen, also traded near a three-week high and closed at 108.95 against the Greenback as investors nervously watched the spread of a virus that has already claimed 81 lives in China.

In United States (US), Wall Street closed sharply in the red. The S&P 500 lost 1.58 percent, Nasdaq Composite fell 1.89 percent and the Dow Jones Industrial Average slumped 1.58 percent. These development will become attention at the Federal Open Market Committee meeting starting today before make a decision tomorrow.

In Europe, Pound Sterling and Euro were subdued as traders awaited the release of economic data and two central bank meetings. Markets in mainland China and Hong Kong are shut, but Japan’s Nikkei 225 closed 2 percent lower.

Aside from worries over the impact of the virus in Asia, fresh economic data are thin on the ground in Europe, while the two-day meeting of the Federal Reserve that ends on Wednesday coupled with the Bank of England‘ meeting on Thursday could keep a lid on activity.

In Indonesia, After take a gained for days, Rupiah closed down 0.24 percent to 13,615 a US Dollar and the Jakarta Composite Index dropped significantly 1.78 percent to 6.133,21 compared to previous day. The Australian dollar traded at three-month low level at $0.6760 against the Greenback and the New Zealand dollar at $0.6547 after falling on Monday to its lowest since end of last year. 

In addition, oil and commodities are fiercely pricing in the negative implications of the coronavirus on Chinese and global demand.West Texas Index tanked to $52 a barrel, as Brent crude dipped below $59 a barrel, hitting their lowest level since October. But gold futures and government bonds rallied.

China’ national health Commission confirmed 82 deaths from the coronavirus and over than 2,000 cases as end of Monday. Big businesses across China are temporarily shutting stores or advising staff to work from home.

The outbreak has evoked memories of Severe Acute Respiratory Syndrome (SARS) in 2002 – 2003, another coronavirus which broke out in China and killed nearly 800 people in a global pandemic.

-Reuters contributed to this story

Written by Staff Editor, Email: theinsiderstories@gmail.com