JAKARTA (TheInsiderStories) – Good Morning! Global investors continue to tout a brighter outlook for the United States (US) economy as the pace of COVID-19 cases slows, vaccine roll outs, and another round of fiscal stimulus expected to be passed shortly. President Joe Biden’ US$1.9 trillion stimulus plan cleared the House committee and is headed to a full vote on the floor but could face hurdles in the Senate.
While, chairman of Federal Reserves, Jerome Powell has two days of testimony in the Capitol Hill starting today and Wednesday will be one of the biggest events of the week. In Asia, Chinese minister Wang Yi called for a reset in relations with US days after Biden sought a common front with Europe to counter China.
He said, Beijing ready to reopen constructive dialogue with Washington after relations between the two countries sank to their lowest in decades under former president Donald Trump. He also called the trade partner to remove tariffs on Chinese goods and abandon what he said was an irrational suppression of the Chinese tech sector.
In Indonesia, the government decided to cut short the collective leave days schedule from seven to two days to curb the transmission of COVIC-19, said senior minister, Muhadjir Effendy. While, drug-maker, PT Biofarma prepared 11.4 million doses of vaccine in the second batch of vaccination program in March.
The new vaccine prepared by the state-pharmaceutical prepared 38 million public service officials and elderly people aged above 60 years old. In the first phase, the country has vaccinated 1.48 million healthcare workers.
In the commodity market, fuel prices jumped more than 3 percent as oil prices continued to accelerate on bets for a faster-than-expected decline in inventories on lower refinery activity following recent weather-related disruptions across oil-rich Texas.
Currently, an argument is brewing between Saudi Arabia and Russia at their next meeting on the output levels. Earlier, Saudi announced to reverse the unilateral cut of 1 million barrels a day that it made for February and March. The news make West Texas Index jumped 0.8 percent to $59.72 a barrel and Brent crude was up 0.8 percent at $62.62 a barrel.
On Monday, Indonesian Rupiah weakened 0.38 percent to 14,118 over the Greenback and the Jakarta Composite Index (JCI) strengthened 0.38 percent to 6,255.31 compared to last weekend. The analysts assesed the movement of both was marked by optimism in the stock market for the global and domestic economic recovery this year.
The increase in world commodity prices has also served as a positive catalyst for the market. They also appreciated Biden’s commitment to implementing a policy stimulus program and the dynamics of mass vaccination, both domestically and internationally.
Domestically, the expectations of accelerated lending in the consumption sector have been in the spotlight following the policy of easing loan to value for property loans by 100 percent and advances for motor vehicle loans of up to zero percent. With such information, it is projected that the Rupiah will be in the range of 14,040 – 14,150 per US dollar and JCI between 6,202 – 6,318.
Stocks that can be watched today are PT Bank Central Asia Tbk (IDX: BBCA), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Bank Tabungan Negara Tbk (IDX: BBTN), PT Bank Mandiri Tbk (IDX: BMRI), PT Aneka Tambang Tbk (IDX: ANTM), PT Timah Tbk (IDX: TINS), PT Vale Indonesia Tbk (IDX: INCO), PT Adaro Energy Tbk (IDX: ADRO), and PT Bukit Asam Tbk (IDX: PTBA).
May you have a profitable Day!
Written by Linda Silaen, Please Read Our News to Get More information about Indonesia