JAKARTA (TheInsiderStories) – Good Morning! Statistic Indonesia will release the inflation data during October this noon. Last month, the agency reported the annual consumer price index at 3.39 percent compared to previous month of 3.49 percent.
As the same day, Presiden Joko Widodo will inaugurate the new chief of National Police, Idham Azis, to replace Tito Karnavian. The new chief police promised to solve one of anti-graft’ official case, Novel Baswesdan.
To bolster a credibility of Indonesia Sustainable Palm Oil certification (ISPO) certificates, Indonesia plans to create a new agency to conduct independent audits. As reported, the country has come under fire from environmentalists because of the vast areas of tropical rainforest.
Indonesia and other producers like Malaysia face new European Union rules dictating that palm oil should be phased out from transport fuel in the bloc after it concluded that it causes deforestation. Some environmental groups viewed ISPO as weaker than international certification schemes.
United States (US) secretary of commerce, Wilbur Ross, will lead a business delegation to the Indo Pacific Business Forum in Bangkok, Thailand and subsequently to Indonesia and Vietnam from November 3 – 8. With nearly US$2 trillion in two-way trade in 2018, he is looking to cultivate key partnerships across the Indo – Pacific as American companies are launching or expanding their businesses in these markets.
Still from US, Democrat party have launched a formal impeachment inquiry to President Donald Trump, after accusing him of violating the American Constitution. The opposition party course of action has thrown up a number of questions and tests anew the nation’ constitutional system of checks and balances.
In Asia, Japan’ index of industrial production (IIP) rose 1.4 percent month on month (MoM) in September, following a 1.2 percent drop in the previous month. While, manufacturers’ shipments also rose 1.3 percent and inventory declined 1.6 percent, which drove a 2.4 percent drop in the inventory index.
During this week, the oil price has dropped 4.46 percent from the position of $56.66 a barrel on last Friday. This morning, West Texas Intermediate oil prices for December 2019 delivery on the New York Mercantile Exchange fell 0.09 percent to $54.13 a barrel.
Yesterday, the reference oil price of the US has fallen 1.60 percent. While, the price of Brent oil for January 2020 delivery on ICE Futures fell 0.23 percent to $59.48 per barrel.
Oil prices continue to decline due to weakening of factory activity in China. Factory activity fell for the sixth consecutive month until October. While the service sector reached the lowest level since February 2016.
In addition, an increase in US oil inventories that was higher than predicted helped push prices down. In addition, there is an oil leak in the Keystone pipeline. This leak caused disruption of oil shipments from the shipping center at Cushing.
On Thursday, Indonesia Rupiah weakened 0,009 percent to 14,043 per US Dollar and the Jakarta Composite Index (JCI) closed down 1.07 percent to 6,228.31 compared to a day ago.
Some analysts rated the Rupiah and JCI weakened because of profit taking action by some investors. Beside, there was no special sentiment in the market.
For today the local currency is estimating move in the range of 14,000 – 14,070 agains the American Dollar. While, the stock index between 6,187 – 6,372.
The stocks to be watch for today are PT Perusahaan Gas Negara Tbk (IDX: PGAS), PT Wijaya Karya Tbk (IDX: WIKA), PT Semen Indonesia Tbk (IDX: SMGR), PT Media Nusantara Citra Tbk (IDX: MNCN), PT Chandra Asri Petrochemical Tbk (IDX: TPIA), and PT Indofood Sukses Makmur Tbk (IDX: INDF).
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia