JAKARTA (TheInsiderStories) – Good Morning! After waiting for months, President of the United States (US), Joe Biden, has signed the US$1.9 trillion aid stimulus into law on Thursday. While, the department of labor reported US initial jobless claims fell to the lowest since early November as COVID-19 vaccinations accelerated and states eased restrictions.
The official data showed US’ initial claims fell by 42,000 to 712,000 during last week. While, Biden administration has amended licenses for companies to sell China’ Huawei Technologies Co. Ltd., showed the government is reinforcing a hard line on export for the telco firm. At the same day, Vice President, Kamala Harris, and the head of the World Trade Organization agreed the need to reform the global trade body and pledged to work together to boost momentum for the global economy.
In Europe, the European Central Bank decided to ramp up bond buying to tackle the surging yields and market sell-off. The governing council expects purchases under the PEPP over the next quarter to be conducted at a significantly higher pace than during the first months of this year.
In Indonesia, the government has removed coal residue or Fly Ash and Bottom Ash, from the list of toxic and hazardous waste (B3 waste). The removal was stipulated through Government Regulation Number 22 year 2021, which is one of the derivative rules of the Job Creation Law.
In the commodity market, crude oil prices were up in line with other risk assets, pulled higher by the renewed optimism in the US and Chinese stock markets. The investors shrugged off comments by Russia’ energy minister hinting at a bigger increase in supply from OPEC and its allies in order to head off the loss of market share to other producers.
OPEC is due to publish its monthly report on the global oil market later, which will add more context to the swings in US inventories recorded over the last two weeks. Until last night, the West Texas Index crude futures were up 0.9 percent at US$65.23 a barrel and Brent crude was up 1.2 percent to $68.69 pre barrel.
On Wednesday, Indonesian Rupiah closed down 0.32 percent to 14,421 against the US Dollar and the Jakarta Composite Index (JCI) jumped 1.05 percent to 6,284.68 compared to the previous day. The analysts rated, market attention will be closely watching US economic data and has the potential to affect their expectations of the Federal Reserves outcome next week (03/17).
With such information, today the Rupiah is expected to move in the range 14,390 – 14,450 and JCI between 6,123 – 6,336. Stocks to be watch for today are PT Astra International Tbk (IDX: ASII), PT Unilever Indonesia Tbk (IDX: UNVR). PT Bank Central Asia TBk (IDX: BBCA), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Adaro Energy Tbk (IDX: ADRO), PT Gudang Garam Tbk (IDX: GGRM), PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP), PT Bank Tabungan Negara Tbk (IDX: BBTN), and PT Telkom Indonesia Tbk (IDX: TLKM).
May you have a profitable day!
Written by Linda Silaen and Editorial Team. Please Read Our News to Get More information about Indonesia