Bank Indonesia has an agenda to releases the latest monetary policy this afternoon after last month cut the interest rate to 3.50 percent - Photo: Special

JAKARTA (TheInsiderStories) – Good Morning! Governors of Bank Indonesia will make a decision on the seven days repo rate today. Most economists rated the central bank will maintain the benchmark rate at 4 percent

At the same day, elements of the islamic organizations like PA 212, GNPF Ulema, Islamic Defenders Front, and the HRS Center will hold a demonstration against the Omnibus Law on Job Creation in front of the Merdeka Palace, Jakarta. Chairman of PA 212, Slamet Maarif, said that this strike would be attended by thousands of people.

From the United States (US), talks between House Democrats and White House on a stimulus package remained deadlocked, making it less that a deal will happen before the election. Its now appear to be betting more on a stimulus package being passed in January under a new administration.

From Latin America, Argentina is reported facing complex economic and social difficulties in the context of an unprecedented health crisis. The deep recession has led to an increase high poverty and unemployment levels, the effects of which are being exacerbated by significant pressures in the money market.

A comprehensive set of policies could underpin a restoration of confidence, but will need to be very carefully calibrated to promote the recovery and secure macro-economic stability. International Monetary Fund (IMF) staff plans to return to Buenos Aires in mid-November to initiate discussions on a new supported program.

In Asia, China moved to put the brakes on the Renmimbi’ rally after the People’s Bank of China said on Saturday no longer need to deposit 20 percent of their sales when trading currency forwards denominated in US Dollars for clients. The Yuan hit a 17-month high against the dollar on Friday.

On the commodity market, oil prices fell as Norwegian offshore workers ended a strike that had threatened to take a quarter of the country’ output offline. While, producers in the Gulf of Mexico also tentatively restarted production as Hurricane Delta moved inland.

More downward pressure on prices came from the news that war-torn Libya had restarted production at its biggest field, El Sharara, which produces up to 300,000 barrels a day. Actual output is likely to be much less in the coming days, however. Yesterday, West Texas Index dropper 2.9 percent to US$39.43 per barrel and Brent crude oil fell 2.6 percent to $41.71 a barrel.

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development release a formal communiqué will today. The communiqué will cover worsening debt vulnerabilities and the role of the International Monetary Fund and the World Bank Group in enabling greater private sector participation to reduce debt distress.

In Europe, British Prime Minister Boris Johnson announced new coronavirus lockdown measures. And Italy, which shocked the world with the horror of its COVID-19 saga in March, was preparing fresh nationwide restrictions.

On Monday, Indonesian Rupiah stayed at 14,700 per US Dollar and the Jakarta Composite Index strengthened 0.78 percent to the level of 5,093.10 compared to the previous day. The analysts sees that trading on the Indonesian financial market will be influenced by sentiment on the job creation bill, including the demonstrations.

Both have the potential to strengthen today in line with the sentiment for the release of Bank Indonesia policies. From global, the sentiment is still from the US stimulus. As reported, President Donald Trump proposed a new US$1.8 trillion package, while the Speaker of the House, Nancy Pelosi wanted $2.2 trillion.

With the various information, Rupiah its expecting move in the range 14.660 – 14.710 and the JCI between 5,067 – 5,123. Stocks to be watch for today are PT Vale Indonesit Tbk (IDX: INCO), PT Aneka Tambang Tbk (IDX: ANTM), PT Gudang Garam Tbk (IDX: GGRM), and PT Bank Rakyat Indonesia Tbk (IDX: BBRI).

Then, PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Astra Agro Lestari Tbk (IDX: AALI), PT London Sumatera Indonesia Tbk (IDX: LSIP), PT Adaro Energy Tbk (IDX: ADRO), PT Bank Central Asia Tbk (IDX: BBCA), and PT Solusi Bangun Indonesia Tbk (IDX: SMCB).

May you have a profitable Day!

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