JAKARTA (TheInsiderStories) – Good Morning! World Health Organization labelled coronavirus as pandemic after spread over than 100 countries. So far, 118,000 cases reported globally in 114 countries, more than 90 percent of cases are in just four countries, China and the Republic of Korea have significantly declining epidemics, said the agency.
In Europe, Bank of England cut main interest rate from 0.75 percent to 0.25 percent as part of a package of measures to cushion the impact of COVID-19. While, European Central Bank will announces their latest monetary policy today with a package of stimulus measures expected.
In United States (US), President Donald Trump tried to get treasury secretary, Steven Mnuchin, to push Federal Reserve (Fed) chair, Jerome Powell to do more to boost the economy and stem the stock market’ decline. Recently, American stocks have led a global decline over the past week and half as the coronavirus spread from China to the rest of the world.
He has repeatedly attacked Powell for keeping interest rates too high, even as the Fed last year cut rates three times, blaming the central bank policy for holding back economic growth. Trump itself was set to address the nation about the coronavirus from the Oval Office today.
Oil cartel, OPEC sees no oil demand in this year as the COVID-19 hit the global economy. While, the United Arab Emirates (UAE)’ state-owned Abu Dhabi National Oil Co., will lift its production by 1 million barrels per day to more than 4 million barrels a day next month and make the oil price slipped.
On Wednesday, May Brent crude traded at US$36.13 a barrel, or down 2.9 percent compared to prior day. And, the West Texas Index dropped 3.7 percent to $33.08 per barrel.
In Indonesia, the government will grant a six-month tax break for employees, manufacturers, and importers, starting next month, as part of its second fiscal stimulus to help prop up the economy amid the coronavirus outbreak, said finance minister, Sri Mulyani Indrawati.
Today, President Joko Widodo will open the 2nd Asian Agriculture and Food Forum at the State Palace. Then, the director deneral of mineral and coal at the energy and mineral resources ministry will hold a press briefing on smelter and dimethyl ether development projects. And, state lender, PT Bank Tabungan Negara Tbk (IDX: BBTN) will hold an annual general meeting of shareholders.
As the World Health Organization officially declared COVID-19 an epidemic, the Dow officially closed in bear market territory, down 20 percent from recent highs. In Indonesia, the sentiment COVID-19 outbreak has suppressed the movement of the Indonesian Rupiah and the Jakarta Composite Index (JCI) after one an infected patient died.
The local currency corrected 0.15 percent to 14,374 a US Dollar, a second worst performance among other Asian currencies. While, the stock index closed down 1.28 percent at 5,154.10 from the previous day.
Today, the analysts rated the Rupiah will move between 14,320 – 14,410 over the Greenback and the JCI in the range 5,133.15 – 5,364.6. The stocks to considers for today are BBTN, PT Bank Central Asia Tbk (BBCA) and PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Jasa Marga Tbk (IDX: JSMR), PT Astra International Tbk (IDX: ASII), PT Telkom Indonesia Tbk (IDX: TLKM), PT Unilever Indonesia Tbk (IDX: UNVR), and PT Indofood Sukses Makmur Tbk (IDX: ICBP).
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia