JAKARTA (TheInsiderStories) – Good Morning! President Joko Widodo lead the cabinet meeting today, to mitigate the global economic development amid various problem such as coronavirus, geopolitic and other issues. As known some institution has calculate the virus outbreak could bring economy China dropped to 4 percent from currently at 6 percent.
While, Bank Indonesia has scheduled to release retail sales survey in December. In previous month the index recorded at 216.6, up 1.3 percent year-on-year compared to November and on a monthly basis the figure lower than the 3.6 percent gain record in October.
Then, ministry of trade will publish a study on the prospects for trade and the economy of 2020. In addition, the tax office will hold a press conference on the latest issues.
The director general of minerals and coal at the energy and mineral resources ministry, Bambang Gatot Ariyono, has scheduled to attends a hearing session with the parliament on the investment prospects of coal and mining sector. Moreover, the National Disaster Management Agency will launch a digital disaster map.
On the same day, finance ministry is targeting to raise Rp7 trillion (US$500 million) from sharia bond auctions which will mature in August 2020, January 2022, October 2024, and April 2043.
Garlic prices was jumped in Indonesia on worries of Chinese export. The agriculture ministry has give permit to importer to bring the spices as much as 103,000 tons from China to lowering the price.
From United States (US), Federal Reserve (the Fed) chairman, Jerome Powell, will deliver his semiannual testimony at the Capitol Hill. The Fed has telegraphed its intentions to keep its powder dry on interest rates. Its estimating investors will be more interested in how the central bank is planning on dealing with coronavirus, its effects on Chinese GDP and ripple effects on the global economy.
Crude oil prices fell below US$50 a barrel to the lowest level in more than a year as the prospect of an emergency of Organization of Petroleum Exporting Countries and allies (OPEC+) meeting faded. Data showed West Texas Intermediate crude for March contract fell 0.75 points to as low as $49.57 per barrel and Brent oil for April delivery fell 1.20 points to as low as $53.27 every barrel.
Azerbaijan’ energy minister said OPEC was unlikely to meet in February to discuss the impact of the coronavirus on the oil market. OPEC+ are reaching a consensus on how to respond to the virus outbreak that has sent oil prices tumbling to one-year lows amid falling demand.
On Monday, Indonesian Rupiah dropped 0.15 percent to 13,690 over the Greenback and the Jakarta Composite Index lowered 0,79 percent to level 5,952,08. Asian markets closed the majority weakened except for CSI300 (+0.41 percent). Asian stock markets are preparing to open higher on Tuesday after US stocks hit record highs. Today, the Japanese stock market is closed for a holiday.
For today, the possibility of two major instrument rebound is open supported by Moody’s latest rating on Indonesia, said the analysts. The agency re-embed the Indonesian government debt rating at Baa2 level with a stable outlook. The local currency its estimating move between 13,600 – 13,700 and the stock index in the range 5,950 – 6,050.
The stock to be watch for today are PT Astra International Tbk (IDX: ASII), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT HM Sampoerna Tbk (IDX: HMSP), PT Charoen Pokphand Indonesia Tbk (IDX: CPIN), PT Elang Mahkota Teknologi Tbk (IDX: EMTK), PT Mayora Indah Tbk (IDX: MYOR), PT Malindo Feedmill Tbk (IDX: MAIN), PT Chandra Asri Petrochemical Tbk (IDX: TPIA), PT Telkom Indonesia Tbk (IDX: TLKM), PT Jasa Marga Tbk (IDX: JSMR), PT Erajaya Swasembada Tbk (IDX: ERAA).
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia