JAKARTA (TheInsiderStories) – Good Morning! United States (US) West Texas Index (WTI) crude prices slipped into negative territory for the first time ever over storage capacity constraints after COVID-19 hit the demand. On Monday, WTI crude for May plunged to record lows minus $37.63 a barrel.
Responding on the development, President Donald Trump considered to ban Saudi Arabian oil from unloading in the US and aimed to buy crude oil to store crude and fill the Strategic Petroleum Reserve or allow companies to use its 75 million barrels of spare capacity. To that, he wants get permission from the Congress.
Still from US, treasury department has disbursed $2.9 billion in initial payroll assistance to 54 smaller passenger carrier and two major passenger airlines. The ministry also finalized grant agreements with six major airlines.
The department is initially giving major airlines 50 percent of funds awarded and releasing the remainder in a series of payments. In total, the department is awarding the passenger airlines $25 billion in funds earmarked for payroll costs.
In Asia, Japanese government raised the number of economic stimulus packages to 117.1 trillion yen (US$1.09 trillion) from an initial amount of 108.2 trillion yen. This increase was driven by the expansion of cash payment schemes to tackling the coronavirus outbreak.
While, the fiscal expenditure will reach 48.4 trillion yen, of which around 25.6 trillion yen funded by an additional budget for the fiscal year.
From China, the ministry of finance announced its fiscal revenue went down 14.3 percent to RMB4.6 trillion ($650.64 billion) in the first quarter. From January to March, the fiscal spending totaled RMB5.53 trillion, dropped 5.7 percent year on year.
The decline in fiscal revenue caused the COVID-19, massive tax and fee cuts. The departments have allocated RMB145.2 billion for the pandemic prevention and control and has allocated RMB156 billion to help the disadvantaged.
In Indonesia, President Joko Widodo hold a limited meeting on the development of COVID-19. While, House of Representatives have a various agenda like hearing with minister of agriculture, minister of public works and public house, minister of transportation, minister of village, minister of tourism and creative economy agency, also with two state companies, PT Pertamina and PT Perusahaan Gas Negara (IDX: PGAS).
On Monday, Indonesian Rupiah closed up 0.34 percent to 15,412 per US dollar and the Jakarta Composite Index jumped 1.27 percent to 4,575.905. Today the local currency its expecting move in the range 15,400 to 15,500 and the stock index between 4,500 – 4,600.
Stocks to be watch are PT Perusahaan Gas Negara Tbk (IDX: PGAS), PT Erajaya Swasembada Tbk (IDX: ERAA), PT Unilever Indonesia Tbk (IDX: UNVR), PT Indocement Tunggal Prakarsa Tbk (IDX: INTP), PT United Tractors Tbk (IDX: UNTR), PT Astra International Tbk (IDX: ASII), PT Japfa Comfeed Tbk (IDX: JPFA), PT Lippo Karawaci Tbk (IDX: LPKR), PT Perkebunan London Sumatra Tbk (IDX: LSIP), PT Bank Central Asia Tbk (IDX: BBCA), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), and PT Telekomunikasi Indonesia Tbk (IDX: TLKM).
US$1: 107.71 Yen, RMB7.07
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia