United States (US) President-elect, Joe Biden, in the process to form his cabinet members and is reported to select former Federal Reserve' chairman, Janet Yellen, as treasury secretary - Photo by the Federal Reserves Office

JAKARTA (TheInsiderStories) – Good Morning! United States (US) President-elect, Joe Biden, in the process to form his cabinet members and is reported to select former Federal Reserve’ chairman, Janet Yellen, as treasury secretary. During her tenure, Yellen was viewed as pro-stimulus and is widely expected to support fiscal-boosting measures to shore up the economy.

From Europe, the block’ economy contracted for the first time in five months under the pressure of lockdown restrictions. IHSMarkit presented a broadly weak picture, with the composite Eurozone Purchasing Managers Index falling to 46.1 in November from 50.0 in October, with French manufacturing and German services both fell by more than expected.

While, France announced it would reopen non-essential stores ahead of Christmas in response to a sharp drop in new infections of pandemic and Britain is likewise expected that some lockdown measures will be relaxed as of Dec. 1.

In Indonesia, food and drug monitoring agency chairperson, Penny Lukito, said the safety aspect of the COVID-19 vaccine candidate that was being developed in collaboration with Chinese firm Sinovac quite good. Now, the body waiting for the analysis results of the completed phase 3 clinical trial conducted in West Java.

While, to prevent the virus outbreak, the government is planning to cut short the 2020 year-end holidays, said the senior minister, Muhadjir Effendy on Monday. At the same day, the task force for COVID-19 response confirmed that Indonesia had recorded 4,442 fresh confirmed cases in the last 24 hours.

As of Nov 23, more than half million people have infected by the virus since the country announced its first confirmed cases on March 2 this year. The country also reported 118 COVID-19 patients succumbing to the disease in the last 24 hours, thereby bringing the death toll to 16,002 people.

In the commodity market, crude oil prices hit their highest level since August, after reports of a military strike by Yemeni Houthi rebels against a Saudi Arabian oil storage and distribution center, after Crown Prince, Mohammed bin Salman, had met with Israeli Prime Minister Benyamin Netanyahu.

The oil prices also rallied as drug-maker AstraZeneca (NASDAQ: AZN) said clinical trials showed its vaccine was 70 percent and could reach 90 percent on a second dose. The British-Swedish firm’ vaccine could also be stored and is likely to be much cheaper than a rival vaccine from Pfizer (NYSE: PFE). On Monday, US’ West Texas Intermediate crude oil settled up 1.5 percent to US$43.06 a barrel and London’ Brent crude oil up 1.3 percent to $46.06 per barrel.

Yesterday, Indonesian Rupiah closed up 0.11 percent to 14,149 per US dollar and the Jakarta Composite Index (JCI) strengthened 1.5 percent to 5,652 compared to the previous day. Analysts said the market appreciated the progressive of the vaccine research and Bank Indonesia’ decision to lower the benchmark rate.

They rated, news of the development of the vaccines also affected the movement of both instruments. In the country, state own enterprises minister, Erick Thohir said, at the end of December, the COVID-19 vaccine will be distributed to hospitals.

In addition, The Jakarta provincial government has extended the transitional large-scale social restriction for the next two weeks. With such information, today they estimated that JCI will move in the range of 5,502 – 5,678 and between Rupiah between 14,100 to 14,190 per US dollar.

Stocks to be watch are PT Semen Indonesia Tbk (IDX: SMGR), PT Telkom Indonesia Tbk (IDX: TLKM), PT Unilever Indonesia Tbk (IDX: UNVR), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Astra Indonesia Tbk (IDX: ASII), PT Ace Hardware Indonesia Tbk (IDX: ACES),  PT Wijaya Karya Tbk (IDX: WIKA), and PT Perusahaan Gas Negara Tbk (IDX: PGAS).

May you have a profitable Day!

Written by Linda Silaen, Please Read Our News to Get More information about Indonesia