Morning Briefing: The Coronavirus Widespread

World Health Organization (WHO) chief, Tedros Adhanom Ghebreyesus said, the spread of coronavirus is increasingly at a global level - Photo by Xinhua

JAKARTA (TheInsiderStories) – Good Morning! World Health Organization (WHO) chief, Tedros Adhanom Ghebreyesus said, the spread of coronavirus is increasingly at a global level. At a briefing in Geneva, he said outbreaks in South Korea, Italy, Iran and Japan were the greatest concern.

So far, the global death toll over than 3,000, with the number of dead in Italy jumping to 52. South Korea has had 26 deaths and reported another 599 infections, taking its tally to 4,335. Of the new cases, 377 were from the city of Daegu.

Indonesia, Latvia, Saudi Arabia, Senegal and Morocco reported cases for the first time, bringing the total to more than 60 countries with the illness known as COVID-19.

In Europe, finance minister Rishi Sunak said, the British government is preparing possible measures to support the health service, businesses and the economy as the outbreak of virus continues. So far, he said, 40 confirmed cases of the virus around the country.

A further update on economic developments and government action when he presents his first budget to parliament on March 11. Earlier, Bank of England governor, Mark Carney, also confirmed that the central bank was working with international partners and the finance ministry to ensure all necessary steps are taken to offset the economic hit from coronavirus.

In Asia, Japanese Prime Minister Shinzo Abe stated, the government was ready to deploy further fiscal stimulus measures depending on the damage the coronavirus outbreak. The country ready to compile a spending package to forestall various risks funded by a supplementary budget for the current fiscal year ending in March and next fiscal year’ budget, he adds.

And, Singapore government decided to cut its government official wages to helped the economy. While, finance ministers of the Group of seven, were expected to discuss measures in a conference call today. The call will be led by US’ Federal Reserve (Fed) chair, Jerome Powell and treasury secretary Steve Mnuchin.

While, the world’ top three central banks look set to take steps to limit the economic damage from the fast-spreading coronavirus, with the leaders of European Central Bank (ECB) and Bank of Japan (BoJ) issuing emergency statements that echoed Powell statement last week.

On Friday, Powell promised the Fed would “act as appropriate” to support the US economy. BoJ governor, Haruhiko Kuroda and ECB president Christine Lagarde, pledging to take actions as needed to stabilize markets jolted by the epidemic. According to them, the virus outbreak is a fast developing situation, which creates risks for the economic outlook and the functioning of financial markets.

Yesterday, stocks bounced back sharply following last week’ plunge, with the major indexes boasting their biggest daily points gains ever, bond yields jumped, and oil settled up nearly 5 percent. Much of the enthusiasm came in anticipation of moves by global central banks to lower the rates and provide liquidity.

In Indonesia, President Joko Widodo is scheduled to meet with the Asian Development Bank delegation. While, coordinating minister for the economy and trade minister Agus Suparmanto will hold a press conference about the Stabilization of staple prices ahead of the fasting and eid mubarak also COVID-19 plague.

On Tuesday, the Rupiah closed up 0.37 percent to 14,265 a US Dollar drivers by the easing of the foreign exchange statutory reserve requirement policy announces by Bank Indonesia. While, the Jakarta Composite Index (JCI) closed down 1.68 percent 5,361.25.

For today, the local currency its expecting continues strengthening and move between 14,100 – 14,250 against the Greenback. And the stock index in the range of 5,266 – 5,402.

The analysts recommended PT Astra International Tbk (IDX: ASII), PT Unilever Indonesia Tbk (IDX: UNVR), PT Perusahaan Gas Negara Tbk (IDX: PGAS), PT Indocement Tunggal Prakarsa Tbk (IDX: INTP), PT Gudang Garam Tbk (IDX: GGRM), PT Charoen Pokphand Indonesia Tbk (IDX: CPIN), PT Telekomunikasi Indonesia Tbk (IDX: TLKM), PT Bank Central Asia Tbk (IDX: BBCA), PT BanK Rakyat Indonesia Tbk (IDX: BBRI), PT Kalbe Farma Tbk (IDX: KBLF), PT Semen Indonesia Tbk (IDX: SMGR), and PT Barito Pacific Timber Tbk (IDX: BRPT) stocks for today.

May you have a profitable day!

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