The United States (US) presidential elections—described by some commentators as perhaps the most important in modern history—take centre stage in a week - Photo: Special

JAKARTA (TheInsiderStories) – Good Morning! President of United States (US) Donald Trump and former Vice President Joe Biden met in Cleveland on Tuesday for the first of three debates ahead of the Nov. 3 election. Both will debate on the economy, the handling of the pandemic, issues of racial inequality, also law and order.

One further issue is likely to be Trump’ tax records. The debates are nonetheless likely to be a severe test of the 77 year-old’ powers of concentration, which Trump has repeatedly flagged as a weakness in his opponent.

While, House Speaker Nancy Pelosi hoped to have a virus aid deal with the White House in this week, after speaking with treasury secretary, Steve Mnuchin, and will meet again today. The Democrats’ US$2.2 trillion compromise relief bill still seemed too large and leaving plenty of room for the impasse to persist.

On the virus outbreak, Johns Hopkins reported COVID-19 has now officially killed more than one million people worldwide. Markets remain under pressure from signs of rising infections across much of Europe and the US.

Deaths from the virus rose 40 percent in England and Wales to their highest in five weeks, while German Chancellor Angela Merkel warned she might impose tighter restrictions on public gatherings to pre-empt a further surge in infections. On the brighter side, India, which has been the world’ virus hotspot in recent weeks, posted its lowest level of new infections in nearly a month.

From the eruption of fighting between Azerbaijan and Armenia briefly raised concerns about the security of a 1.2 million barrel-a-day pipeline that takes crude to the Mediterranean. United Nation have an agenda to discusses the battle and will make a declaration on it.

In Asia, the International Monetary Fund (IMF) and the Saudi G20 Presidency will hold a high-level virtual event, especially for a strong recovery following pandemic today. The event will be chaired by Saudi finance minister, Mohammed Aljadaan, IMF managing director Kristalina Georgieva, and Ahmed Alkholifey, the governor of the Saudi Arabian Monetary Authority.

The event will bring together finance ministers and central bank governors from Arab countries and heads of international and regional financial institutions as well as prominent scholars.  Also on the horizon is factory activity data from China, where a small pickup is expected as the country extends its steady recovery from the virus crisis.

On the commodity market, American Petroleum institute reported the US oil stockpiles fell by 831,000 barrels last week after a build of 691,000 barrels in the prior week. The worries remain that oil demand will likely fade amid signs of increasing COVID-19 cases in the US and abroad. Yesterday, West Texas Index crude oil price dropped 1 percent to US$38.92 a barrel and London’ Brent settled at $41.03 per barrel.

On Tuesday, Indonesian Rupiah edged up to 14,895 from the previous day close at 14,900 a US Dollar and the Jakarta Composite Index (JCI) JCI closed down 0.56 percent to 4,879.09 levels in yesterday’s trading. A number of sentiments that will color the movement of financial markets today include the development of stimulus for US economic recovery and the results of the inaugural debate between Biden and Trump.

In the country, purchasing power is estimated to decline sharply in line with the implementation of large-scale social restrictions. Based on the various information Rupiah is estimating move in the range of 14,870-14,950 against the Greenback and the JCI between 4,801 to 5,002.

Stocks that can be watched today are PT Unilever Indonesia Tbk (IDX: UNVR), PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP), PT Semen Indonesia Tbk (IDX: SMGR), PT Astra International Tbk (IDX: ASII), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT PP Tbk (IDX: PTPP), and PT Bank Mandiri Tbk (IDX: BMRI).

May you have a profitable Day!

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