JAKARTA (TheInsiderStories) – Good Morning! Foreign minister, Retno Marsudi, is scheduled to travel to Myanmar in this week, it would be the first visit by a foreign envoy since the Feb. 1 military coup. While, in a phone call with her, senior minister, Wang Yi, promised that China’ government was ready to play a role in the process.
From United States (US), chairman of Federal Reserve (Fed), Jerome Powell, in a meeting with the Senate, reiterated that the economy remains “a long way” from the central bank’ employment and inflation goals” and is likely to “take some time for substantial further progress to be achieved. He also pushing back that loose monetary policy risked unleashing inflation and financial risks in what may be an emerging economic boom.
He acknowledged the potentially fast growth to come as the COVID-19 crisis eases and vaccinations expand. He continued, the Fed’ outlook may show the economy expanding “in the range” of 6 percent in this year. While, the House submitted President Joe Biden’ US$ 1.9 trillion aid bill, setting it up for passage by the lower house at the end of this week.
In Asia, Japanese Prime Minister, Yoshihide Suga are considered to lifting the state of emergency in five provinces Osaka, Kyoto, Hyogo, Aichi, and Gifu. While, Tokyo and nine other provinces are in a state of emergency which will be enforced until March 7.
In the commodity market, agriculture products were playing catch-up with industrial, on perceptions that base metals have moved too far and too fast. Coffee, oats, rough rice and soybeans were all outperforming copper, aluminum and zinc on confidence in a broad-based increase in consumer spending power.
Then, crude oil futures, retreated from another 13-month high. West Texas Index crude futures were up 0.9 percent to $62.26 a barrel and Brent crude jumped by 0.8 percent at $64.89 per barrel. For information, the American Petroleum Institute will releases its weekly assessment of US stockpiles today.
On Tuesday, Indonesian Rupiah strengthened 25 points or 0.18 percent to Rp14,092 per US dollar and the Jakarta Composite Index strengthened 0.28 percent to 6.272 compared to the previous day. The analysts rated, the influenced by the government’ optimism on the extension of the micro-society restriction will reduce the rate of spread of the coronavirus.
According to them, this will trigger an improvement in economic growth in the first quarter of 2021. In addition, the vaccinations program will also have a positive impact on public health. This was reinforced by the World Health Organization’ statement which declared that the pandemic would be able to be eradicated in 2022.
In addition, the large amount of funds for national economic recovery program amounting to Rp700 trillion ($49.64 billion) is considered to have had a positive impact to public consumption. Other information are royalty rate for mining entrepreneurs will encourage the downstream program, particularly the Dimethyl Ether product.
With all this information, the Rupiah will move in the range of 14,050 – 14,120 and the JCI between 6,231 – 6,312. Stocks that can be watched today are PT London Sumatra Indonesia Tbk (IDX: LSIP), PT Kalbe Farma Tbk (IDX: KBLF), PT Aneka Tambang Tbk (IDX: ANTM), and PT Bank Central Asia Tbk (IDX: BBCA).
Then, PT Bukit Asam Tbk (IDX: PTBA), PT Astra Agro Lestari Tbk (IDX: AALI), PT Telkom Indonesia Tbk (IDX: TLKM), PT Bank Tabungan Negara Tbk (IDX: BBTN), and PT Astra International Tbk (IDX: ASII).
May you have a profitable Day!
Written by Linda Silaen, Please Read Our News to Get More information about Indonesia