JAKARTA (TheInsiderStories) – Again, United States (US) President Donald Trump intimidated to impose tariffs of 25 percent on US$300 billion in Chinese goods if President Xi Jinping doesn’t meet with him at the upcoming Group of 20 (G20) summit in Japan in the couple weeks. Beside meet Xi, he is scheduled to meet Russian President Vladimir Putin at the G20 leaders’ summit in Osaka.
Trump also said that an eventual trade deal could involve Huawei Tecnologies Co after several times campaigned to block the company from emerging 5G telecommunications networks around the world.
Yesterday, China’ beaten down stocks on news local governments will have more room to spend on infrastructure. While, People’s Bank of China set a stronger-than-expecting daily reference rate for the yuan.
At the same day, oil prices fell again after moving horizontally. This morning, West Texas Intermediate prices for July 2019 shipments on the New York Mercantile Exchange were at US$52.58 per barrel, down 1.29 percent compared to yesterday’ price at $53.27 a barrel.
Inline, Brent oil prices for August 2019 shipments on ICE Futures also dropped 1.22 percent to $61.53 per barrel. While, the international benchmark oil price was stagnant at the level of $62.29 per barrel.
Followed the market development, US’ Energy Information Administration (EIA) cut its forecast for global oil demand this year to 1.22 million barrels per day (MBPD) from earlier 1.38 MBPD. The outlook mainly due to the trade war between US and China.
In Indonesia, the Ministry of Energy and Mineral Resources is planning to test of 30 percent Biodiesel (B30) on vehicles on June 13. The mandatory use of biodiesel has been rolling since 2016 ago in Indonesia.
From this period the production and utilization of biodiesel continued to increase from year to year. The ministry noted, in 2018 domestic consumption rose 45 percent or around 3.75 million kilo liters compared to 2017.
Then, National Police released the role of suspect Kivlan Zen in the May 21-22 Jakarta Riots and a murder planned of five national figures and a leader of the survey institution. From the statement of the suspect there is a correspondence between them with Zen.
In addition to the involvement of Zen, the police also revealed the other retired general roles like former Special Army Strategic Command Chief Soenarko and former Jakarta Police Chief Mohammad Sofjan Jacoeb. No further detail who the mastermind of the treason case.
Yesterday, Indonesian Rupiah closed at 14,297 agains the Greenback, slightly up from prior day at 14,313. This morning the local currency open in the positive territory at 14,224 over the US Dollar.
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia