Chinese President Xi Jinping chaired a leaders meeting to study the major tasks in preventing and controlling the coronavirus disease and stabilizing economic and social development on Wednesday - Photo by President Office

JAKARTA (TheInsiderStories) – Chinese President Xi Jinping chaired a leaders meeting to study the major tasks in preventing and controlling the coronavirus disease and stabilizing economic and social development on Wednesday. At the same time, the country’ civil aviation has rolled out a package of fiscal policies to aid the civil aviation industry in tiding over difficulties amid the epidemic.

The preferential policies including tax relief and subsidies will be adopted to reduce business risks faced by the country’ aviation enterprises. The regulator also waived airlines’ payment to the government starting Jan. 1 and encouraged aviation firms to keep their international flights running.

In Europe, Italian government has decided to close all schools and universities for two weeks in an attempt to halt the spread of the coronavirus. As of Wednesday, the country had 2,502 confirmed cases and the death toll stood at is at 79, with 160 recoveries.

Italy’ infections mark the largest outside of mainland China, South Korea and Iran. While, United States (US) senator Chuck Grassley, said Washington needs to give China some leeway in implementing a Phase 1 trade deal caused by the coronavirus.

In US, House of Representatives overwhelmingly approved an US$8.3 billion bill to combat the spread of the coronavirus and develop vaccines for the highly contagious disease, sending it to the Senate for final passage. A Senate vote was scheduled for Thursday.

The International Monetary Fund also rated the outbreak had slowed in China and officials expected to restore production capacity to around 90 percent soon. But it said the world second largest economy GDP was still expected to fall short of the recent forecast of 5.6 percent in 2020.

Vietnam, looking to allay the President Donald Trump administration’ wrath over its soaring trade surplus with the US, is committing to buy $3 billion in farm products from Nebraska. Recently, Vietnamese companies signed 18 agreements with American producers to buy about US$3 billion of farm products in the next three years.

In June 2019, Trump announced to impose tariffs on Vietnam, described the Southeast Asian nation as “almost the single worst abuser of everybody.” In 2019, the country’ exports to America reached $61.3 billion, widening the trade gap to $47 billion from $34.8 billion in 2018, according to Vietnamese customs data. While, US reports a $55.8 billion trade deficit with Vietnam for 2019 and $39.5 billion for 2018.

Organization of Petroleum Export Countries and its allies (OPEC+) was scheduled a two-days meeting in Vienna, Austria, starting today. Earlier, the Joint Technical Committee of the oil cartel recommended a reduction in production up to 1 million barrels per day (bpd).

Adding to a prior deal in December, OPEC+ would be removing a total of 3.1 million bpd, or 3.1 percent of global supply. Last night, Brent crude oil rose by 1.5 percent to $51.91 a barrel and US West Texas Intermediate was up 1.5 percent at $47.47 per barrel.

Yesterday, Indonesian Rupiah closed up 1.20 percent 14,113 against the US Dollar and the Jakarta Composite Index (JCI) up 2.38 percent to 5,650.14. Today, the analysts rated, the local currency its expecting move in the range 13,990 – 14,200 over the Greenback and the stock index between 5,502 – 5,722.

They recommended shares of PT Telkom Indonesia Tbk (IDX: TLKM), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Unilever Indonesia Tbk (IDX: UNVR), PT Jasa Marga Tbk (IDX: JSMR), PT Adhi Karya Tbk (IDX: ADHI), PT Vale Indonesia Tbk (IDX: INCO), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Astra International Tbk (IDX: ASII), PT Bank Central Asia Tbk (IDX: BBCA), PT HM Sampoerna Tbk (IDX: HMSP), PT Barito Pacific Timber Tbk (IDX: BRPT), and PT Perusahaan Gas Negara (IDX: PGAS).

May you have a profitable day!

Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia