JAKARTA (TheInsiderStories) – Good morning! Most of Asian market opened gaining strength followed the positive signal from United States (US) – China trade deal. Euphoria blossomed in China with Shanghai index rocketed by 5.95 percent, the highest since 2015.
Other than that, Nikkei increased by 0.48 percent, TOPIX hiked by 0.71 percent, and HangSeng spiked by 0.5 percent. In Indonesia, the Jakarta Composite Index also went up by 0.36 percent to 6,525.36.
Foreign funding entered Indonesian capital market with Rp260.52 billion (US$18.61 million). Meanwhile, Rupiah against US Dollar appreciated to near Rp14,000 over the greenback.
US and China seem to get closer to seal the trade deal. US President Donald Trump signaled the possibility for another meeting, after the top official meeting ended last week. He also expressed optimism over the substantial progress.
The latest round of US-China trade talks was supposed to end Friday, but China’ Vice Premier Liu He extended his visit to Washington into the weekend. The negotiations produced an agreement on a currency provision.
Trump said, he and Chinese President Xi Jinping would meet at his Mar-a-Lago resort in Florida to conclude the agreement. He also extended deadline to raise tariffs on Chinese goods, which previously set on March 1. But Trump didn’t give any details on when the meeting might be or how long he expects the tariff extension to last.
While, British Prime Minister Theresa May delayed parliament’ vote over Brexit, as negotiation with European Union is still ongoing. UK House of Common will be voting on March 12, only more than two weeks ahead of Brexit implementation on March 29.
Opposition considered May is wasting time by delaying the Brexit voting. Meanwhile, some of the parliament members expected for an earlier vote to prevent no-deal Brexit. Previously, House of Common had Brexit voting in January which was rejected by most of the members.
The issue of postponing the increase in tariffs on imported Chinese goods to the US also postponed the vote in the European Union Parliament to become a positive catalyst for pound sterling (GBP). GBP strengthened 0.10 percent to 1.3066 rather than last weekend’ position at 1.3053.
In Indonesia, the government reaped Rp3.13 trillion in funds from the sale of the ST-003 series of SUKUK Savings Account. Based on the information from the Directorate General of Financing and Risk Management of the Ministry of Finance, sales of ST-003 experienced excess demand around 1.56 times the target of Rp2 trillion.
Furthermore, Indonesia Trade Ministry released a regulation number 5 Year 2019 concerning tire import. The rule aims to tighten and prevent excessive tire products importation.
Foreign Trade Director General Oke Nurwan said in official statement, the policy is one of the government’ efforts in monitoring tire product import. By this policy, its expected import traffic can be tightened and calculated through bonded logistics centre.
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia