JAKARTA (TheInsiderStories) - Good Morning! Association Southeast Asian Nation (ASEAN) together with China, Japan, South Korea, Australia and New Zealand will sign the Regional Comprehensive Economic Partnership on Nov. 15, said Indonesian Trade Minister Agus Suparmanto yesterday. The countries, which account 29 percent of global economy, agreed on the trade agreement terms last year.
While, senior economic minister, Airlangga Hartarto, confirmed that the government had not included the United States (US) pharmaceutical giant Pfizer’ vaccine in the list that would be imported to Indonesia. On Monday, the company announced that its experimental vaccine is more than 90 percent effective based on initial trial results.
From US, secretary of state Mike Pompeo, said his team will have an Economic Prosperity Partnership Dialogue with Taiwan on Nov. 20 to ensuring safe and secure supply chains and 5G security. America, like most countries, has no official relations with Taiwan, which China claims as sovereign territory.
Taiwan has long sought a free trade agreement with the US, but Washington has complained about barriers to US imports. In August, Taipei has announced an easing of restrictions on US pork and beef imports that is expected to take effect on Jan. 1, 2021.
From Malaysia, Prime Minister, Muhyiddin Yassin, plans to call for a snap election to strengthen his mandate from the initial schedule in 2023. Surging positive case has likely stalled plans for elections, at least till the end of 2021.
In addition, a leading Washington-based think-tank has drawn attention at a naval base in Cambodia is reported had been demolished. Phnom Penh said last month that the earlier demolition was to allow for expansion.
In the commodity market, American Petroleum Institute reported the crude oil stockpiles fell far more than expected last week to 5.1 million barrels, the second big draw in a row. A week before, the crude inventory fell 8 million barrels. On Tuesday, the price of West Texas Index crude oil rose 3.65 percent to US$41.77 a barrel and Brent crude oil jumped 3.8 percent to $44 per barel.
Yesterday, Indonesian Rupiah strengthened 0.05 percent to 14,057.5 per US Dollar and the Jakarta Composite Index (JCI) rose 1.99 percent to 5,462.74 levels compared to the previous day. Analysts said that the continued strengthening of both was partly due to the prospect of a COVID-19 vaccine that could be available in the near future. This is considered to increase optimism for global economic recovery.
Globally, the process of transferring power from Donald Trump to his future successor Joe Biden has not been run smooth because the head of state has not recognized his rival’ victory in the US presidential election.
In the country, said the observers, there are hope that the recession in Indonesia will not last long. This can be seen from a consumer survey released by Bank Indonesia, in October the allocation of consumer expenditure used for shopping reaches 69.36 percent.
This number increased compared to the previous month which amounted to 68.8 percent as well as being the highest since June 2019. This was also supported by consumption in the middle class.
With various information, they expect, Rupiah wil move in the range 14,027 - 14,080 versus the Greenback and JCI between 5,395 - 5,412. Stocks that can be watched today are PT Bank Central Asia Tbk (IDX: BBCA), PT Telkom Indonesia Tbk (IDX: TLKM), PT HM Sampoerna Tbk (IDX: HMSP), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Aneka Tambang Tbk (IDX: ANTM), PT Perusahaan Gas Negara Tbk (IDX: PGAS), and PT Barito Pacific Tbk (IDX: BRPT).
May you have a profitable Day!
Written by Linda Silaen, Please Read Our News to Get More information about Indonesia
