OPEC and its allies kept the production steady through April - Photo by OPEC

JAKARTA (TheInsiderStories) – Good Morning! OPEC and its allies kept the crude oil production steady through April. Saudi Arabia also said would extend its one million barrels per day voluntary production cut to allow Russia and Kazakhstan increase the production.

Both countries will be allowed to increase production by 130,000 and 20,000 barrels per day, respectively. Responding the decision, Brent crude price gained 4.15 percent to US$66.73 per barrel and West Texas Intermediate crude futures jumped  4 percent at $63.78 a barrel.

From the United States (US), Federal Reserve‘ chairman Jerome Powell, said the policymakers would keep buying bonds at its current pace as inflation was unlikely to spiral out of control. He reluctance to shift away from the central bank’ narrative that current monetary policy measures remain appropriate.

While, the Senate voted on Thursday to take up President Joe Biden’ US$1.9 trillion aid bill. The result its expecting at the end of this week. Today, US government’ has agenda to announced the new non-farm jobs data.

Last week, 745,000 people filed initial jobless claims, said the Labor Department data, slightly up from a revised total of 736,000 in the prior week. The biggest increase in initial claims was in Texas, with just under 18,000. The state had suffered disproportionately from the collapse of its energy system due to an extreme cold snap late last month.

In Indonesia, President Joko Widodo announced that the COVID-19 vaccine made by AstraZeneca will arrive in Indonesia in March, totaling 4.6 million doses of ready-to-use vaccines. The country had already secured 38 million doses of vaccines.

He hoped that the arrival of this vaccines will speed up the national target to inoculate as many as 181.5 million people with 364 million doses of vaccine powders. While, trade minister Muhammad Lutfi, announced will issue a regulation to prevent predatory pricing on e-commerce platforms, including for Chinese goods.

He also announced, the state food agency, Perum Bulog, had been ordered to import rice for its reserves. The economic ministry data showed the government planned to import 500,000 tones of rice for reserves, and an additional 500,000 tones if needed by the company.

Yesterday, Indonesian Rupiah closed down 0.15 percent to 14,267 per US Dollar and the Jakarta Composite Index weakened 1.35 percent 6,290.79 levels compared to the prior day. For today, the analysts rated, both’ trading still depends on external sentiment, especially the increase in US treasury yields and the US non-farm payroll data.

With various informations, they projected that the Rupiah will move in the range of 14,225 – 14,330 against the Greenback and the JCI between 6,270 – 6,395. Stocks that can be watched today are PT Astra International Tbk (IDX: ASII), PT Bank Central Asia Tbk (IDX: BBCA), PT Telkom Indonesia Tbk (IDX: TLKM), PT HM Sampoerna Tbk, and PT Kalbe Farma Tbk (IDX: KBLF).

Then, PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Semen Indonesia Tbk (IDX: SMGR), PT AKR Corporindo Tbk (IDX: AKRA), PT Ace Hardware Tbk (IDX: ACES), PT Aneka Tambang Tbk (IDX: ANTM), PT United Tractors Tbk (IDX: UNTR), and PT Vale Indonesia Tbk (IDX: INCO) stocks.

May you have a profitable day!

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