Global crude prices fell more than 4 percent, reversing last week rally, as traders frowned upon the decision by OPEC+ to pump an additional 350 barrels per day in May and 400,000 barrels per day in July on the assumption of increasing summer demand - Photo: Special

JAKARTA (TheInsiderStories) – Good Morning! Global crude prices fell more than 4 percent, reversing last week rally, as traders frowned upon the decision by OPEC+ to pump an additional 350 barrels per day starting May to June on the assumption of increasing summer demand. On Monday, West Texas Intermediate crude price settled down 4.6 percent to $58.65 a barrel and Brent oil price fell 4.2 percent at $62.15 per barrel.

From United States (US), treasury secretary, Janet Yellen, called for a global minimum corporate tax “to ensure that governments have stable tax systems that raise sufficient revenue to invest in public goods and respond to crises.”  While, President Joe Biden defended his proposal to raise corporate taxes to help pay for his infrastructure spending plans.

In Europe, the British variant of the virus continuing to scorch parts of the zones, with Poland experiencing 60 times more cases than a year ago. While, in Asia, India saw a record of more than 100,000 infections daily over the last 24 hours.

On the South China Sea dispute, Japanese foreign minister Toshimitsu Motegi, expressed his strong concerns about Chinese incursions into territorial waters, during a phone conversation with his counterpart from China, Wang Yi. He also brought up the situation in Hong Kong and the human rights situation of China’ Uighur minority.

Furthermore, Iran opened talks with global powers in Vienna to find a way to end the two-year-old US sanctions on its oil imposed by the former Donald Trump administration. Now, the White House is agreeable to ending the sanctions, provided Tehran shows proof that its nuclear program isn’t capable of producing an atomic bomb.

In Southeast Asian region, the leaders to meet in Jakarta to talk about the crisis in Myanmar, said the governments of Brunei and Malaysia. The leaders of the two countries agreed after a bilateral meeting in Bandar Seri Begawan on Monday.

As of Monday, at least 570 people had been killed by security forces across Myanmar since the military overthrew Aung San Suu Kyi’ elected government on Feb. 1. The situation in that country has become even more violent and fluid since March 27, when the junta killed at least 114 protesters in the single deadliest day of post-coup blood-letting.

In Indonesia, more than hundreds deeds and dozens missing by the floods and landslide accidents in Nusa Tenggara Island. Hundreds of buildings and roads were destroyed by the Seroja cyclone in eastern Indonesia. While, the government expanded the micro-scale community restriction policy to 20 provinces starting this week.

Yesterday, Indonesian Rupiah edged up 0.07 percent to 14,515 per US dollar and the Jakarta Composite Index (JCI) closed down 0.68 percent to 5,970.28 compared to last weekend. Analysts assess that the strengthening of the local exchange rate is supported by the government’ optimism towards the national economic growth target.

Bank Indonesia also continued to intervene in the foreign exchange and bond market. From global, the movement of US Dollar tend to be stable after investors absorbed the sentiment in the US employment report last week. They also waiting for the release of data on the US services sector to confirm the strong economic rebound from the coronavirus shock.

With this information, the Rupiah is expected to move in the range 14,500 – 4,550 versus the Greenback and JCI between 5,927 – 6,032. Stocks that can be considered are PT Bank Negara Indonesia Tbk (BBNI), PT Astra International Tbk (IDX: ASII), PT Bank Mandiri Tbk (IDX: BMRI), PT Telkom Indonesia Tbk (IDX: TLKM), PT Bukit Asam Tbk (IDX : PTBA), PT Timah Tbk (IDX: TINS), and PT Bank Central Asia Tbk.

May you have a profitable Day!

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