JAKARTA (TheInsiderStories) - Good Morning! Indonesian student and workers will hold a national strikes again today to reject the Omnibus Law for Job Creation at the State Palace area in Jakarta. They assessed that the situation in Indonesia was heating up again after President Joko Widodo signed the bill on Nov. 2.
While, leader of Islamic Defenders Front, Rizieq Shihab will arrive in Indonesia this morning after escape to Saudi Arabia for years. He had been involved in a criminal problem in 2008 and was sentenced to 1.5 years in prison for the Monas incident.
His name was discussed again when he was caught in the alleged pornography and insulting case of Pancasila in early 2017 and ran to Saudi Arabia. At that time, the public was shocked by the spread of screenshots of nasty chats that were accused of him with a woman named Firza Husein.
From United States (US), job growth was stronger than expected in October, with the unemployment rate falling to 6.9 percent, but some industries are still struggling with bringing employees back to work after shutdowns. While, the Federal Reserve’ Lael Brainard is scheduled to speak today at the National Congress of American Indians Annual Convention. He is considered to be a top contender for treasury secretary in the Joe Biden administration.
In Europe, Armenia’ prime minister, Nikol Pashinyan, has signed a “painful” deal with the leaders of Russia and Azerbaijan to end the military conflict over the disputed Nagorno - Karabakh region after more than a month of bloodshed. The declaration followed six weeks of heavy fighting at the a conflict areas between the two countries in the 1990s, leaving hundreds dead and forcing thousands of ethnic Armenians to flee into Armenia.
In the commodity market, crude oil prices fell in early trading on Tuesday as investors worried about imminent demand for oil in coronavirus-hit countries such as Europe and the US back to haunt markets. West Texas Intermediate crude fell 2 percent to US$39.48 a barrel, after surging 8 percent on Monday.
The fall in oil prices was also sparked by comments from Saudi Arabias energy minister, that the Organization of the Petroleum Exporting Countries and its allies (OPEC+), could take more oil from the market if demand slumped before the vaccine available.
OPEC+ agreed to cut supply by 7.7 million barrels per day (bpd) from August to December to support the oil prices and then reduce the cut to 5.7 million bpd from January. The organization’ next meetings on No. 30 and Dec. 1.
On Monday, Indonesian Rupiah closed up 1.03 percent to 14.065 against the American Dollar and the Jakarta Composite Index (JCI) jumped 0.38 percent to 5,365 compared to the previous day. Analysts assessed, the strengthening of both instruments was supported by the election of Joe Biden as the US President.
Itss believed that the change of leadership in the superpower country will bring a calmer atmosphere to the White House, boost the world trade and facilitate the drafting of monetary policies.
In addition, the president-elect and his team are reportedly working on a COVID-19 aid package to help deal with the corona virus pandemic, which is increasingly spreading in Uncle Sam’ country. Domestically, data on the Indonesian economy continues to show improvement, which triggers the strengthening of the financial markets.
With such information, the Rupiah is estimated to move in the range of 13,990 - 14,150 per US Dollar and JCI between 5,294 to 5,380 on Tuesday. Stocks that can be watched today are PT Vale Indonesia Tbk (IDX: INCO), PT Aneka Tambang Tbk (IDX: ANTM), PT Telkom Indonesia Tbk (IDX: TLKM), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Bank Mandiri Tbk (IDX: BMRI), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Timah Tbk (IDX: TINS), 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
