JAKARTA (TheInsiderStories) - Good Morning! President Joko Widodo has an agenda to meet the Vietnamese delegation on Friday to discuss various issues, especially the economic sector. While, President of the Philippines, Rodrigo Duterte, announced will not attend the meeting of Association of Southeast Asian Nations (ASEAN) leaders in Jakarta on April 24, over COVID-19 pandemic concerns.
The heads of state of the block will convene to discuss urgent regional matters such as the political crisis in Myanmar. Other discussion points include pandemic recovery efforts, and the community building measures. Beside United States (US), the European Union also imposed stiff sanctions on militarily controlled Myanmar.
While, a surge in COVID-19 cases globally that has cooled expectations over a faster reopening. India reported a record one-day surge in cases on Thursday, while COVID-19 cases continue to trend lower, with President Joe Biden confirming the country has achieved its 200 million vaccines milestone.
The improving economic data, particularly in the labor market, continues to reflect the success of the vaccine rollout in US that has led to a further reopening of the economy. Now, Biden is contemplating almost doubling the capital gains tax hike up to 39.6 percent on higher income earner to fund child care and education proposals included American Family Plan.
Still from US, Senate Republicans proposed a US$568 billion, five-year infrastructure package as a counteroffer to Biden’ proposal. On the navy submarine missing in North Bali, Pentagon says the US military has sent an assistance to help Indonesia search the missing submarine. So far, the rescuer finds unidentified object.
Yesterday, Indonesian Rupiah closed up 0.07 percent to 14,520 per US dollar and the Jakarta Composite Index (JCI) edged up 0.02 percent to 5,994 compared to the previous day. Analysts assess that the strengthening of both of them is influenced by the extension of the ban on the Eid homecoming to prevent the spread of COVID -19 and to restore Indonesia’ economic growth.
Their appreciation was also supported by the downward trend in the spread of the virus in the country amid the spike that occurred abroad. In addition, the mass vaccination process continues to be rolled out where the latest data shows 10.9 million people who have been vaccinated.
From abroad, the US dollar received some respite as turmoil of viral infections, particularly in India, exacerbates prospects for a speedy global recovery. Nonetheless, sentiment remained weak with US bond yields falling, dampening the attractiveness of currency yields.
The yield on the 10-year US Treasury is tracking at 1.56 percent, not far from the lowest level since mid-March, as it continues to consolidate after retreating from a 14-month high of 1.78 percent reached late last month. The market appears to be changing its mind about the initial tightening of US monetary policy.
For today, they estimates Rupiah wll move in the range 14,500 - 14,540 against the US Dollar and the JCI between 5,960 - 6,123. Stocks that can be watched today are PT Astra International Tbk (IDX: ASII), PT Telkom Indonesia Tbk (IDX: TLKM), PT Unilever Indonesia Tbk (IDX: UNVR), PT Bank Tabungan Negara Tbk (IDX: BBTN), PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP), PT Bank Mandiri Tbk (IDX: BMRI), PT Vale Indonesia Tbk (IDX: INCO), and PT United Tractors Tbk (IDX: UNTR).
May you have a profitable Day!
Written by Linda Silaen and Editorial Team, Please Read Our News to Get More information about Indonesia
