Organization of the Petroleum Countries and its allies will hold virtual meeting today with hope production cuts to stabilize the market - Photo by OPEC Secretariat Office

JAKARTA (TheInsiderStories) – Good Morning! Organization of the Petroleum Countries and its allies will hold virtual meeting today with hope production cuts to stabilize the oil price. While, US President Donald Trump assured that his country have already cut production and he had many options if Saudi Arabia and Russia do not reduce their output.

Yesterday, Brent crude futures jumped 2.5 percent to US$33.65 a barrel and United States (US) West Texas Intermediate crude futures were up 4.3 percent at $26.17 per barrel with optimism the producers will slices their production.

From US, the Federal Reserve minutes from its March meetings out today revealed that in its worst-case scenario the central bank believed that the US economy would not recover from the COVID-19 damage until next year. Today, the chairman, Jerome Powell will hold a webinar to talk about the current state of the economy, the central bank response to the crisis, and what lies ahead.

In Indonesia, the central bank governor’ Perry Warjiyo, will hold a regular briefing on the latest monetary policies amid the COVID-19 outbreak. In addition, Jakarta’ governor, Anies Baswedan its expecting release the large-scale social distancing in the capital city today.

As reported, the central government has approved Jakarta proposal to “lock” the city in two weeks starting tomorrow. Surrounding cities around the capital, such as Tangerang and West Java also considered to implement the large-scale social distancing in their regions.

Wednesday, the Rupiah was parked at 16,250 a US Dollar or corrected by 0.31 percent compared to prior day. Then, the Jakarta Composite Index plunged 3.2 percent to 4,626. Today, the local currency its expecting move in the range 16,100 – 16,300 over the Greenback and the stock index between 4,550 – 4,900.

Stock to be watch for today are PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Aces Hardware Tbk (IDX: ACES), PT Charoen Pokphand Indonesia Tbk (IDX: CPIN), PT Gudang Garam Tbk (IDX: GGRM), PT Unilever Indonesia Tbk (IDX: UNVR), PT Bank Mandiri Tbk (IDX: BMRI), PT Astra International Tbk (IDX: ASII), and PT Semen Indonesia Tbk (IDX: SMGR).

May you have a profitable day!

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