JAKARTA (TheInsiderStories) – This afternoon, Statistic Indonesia will announce the realization of economic growth in the second quarter (2Q) of 2019. In the previous quarter the country’ economy grow 0.52 percent and in annual basis at 5.07 percent.
On Tuesday (08/06), Bank Indonesia (BI) release the Consumer Survey for July 2019. Last June, Consumer Confidence Index at the level of 126.4, lower than the previous month’ of 128.2.
Then, on Wednesday, the central bank will announce the foreign reserves position in July. The position in June worth of US$123.8 billion. In the next day, the Retail Sales Survey and on Friday Balance of Payments position in second quarter of 2019. Last june, the retail sales survey at 7.7 percent and the BoP recorded a surplus of $2.4 billion.
During this week, central banks around the world focusing on the extent to which global economic conditions might necessitate further stimulus. A key question for policymaking is whether services growth will have helped support economies, as had been seen in June, amid the fiercest global manufacturing downturn since 2012 in July.
United States (US) Federal Reserves (Fed) responded to the deteriorating economic environment with the first cut to of its interest rates for a decade. While, the forthcoming services PMI and ISM data could provide useful steers as to whether weak US growth will have persisted into the third quarter, provoking further cuts later in the year.
In Asia, with the Fed having delivered a widely expected rate cut, central bank meetings in Australia, New Zealand, India, Thailand and the Philippines will be watched for more stimulus. Then, Japan’ GDP update will be of particular interest as the country gears up for a sales tax hike. Others, trade updates in China and Taiwan will provide clearer signals of trade war impacts on export growth
On August 8, Indonesian President Joko Widodo is scheduled to make an official visit to Malaysia then go to Singapore. It said, Indonesian leader will use the visit to strengthen ties between the two countries.
Based on information received by Indonesia’ ambassador to Malaysia Rusdi Kirana, Beside meet Malaysian Prime Minister Mahathir Mohamad, both leaders also scheduled go to Singapore on the invitation of Prime Minister Lee Hsien Loong.
While, US’ State Secretary Mike Pompeo said he was “very confident” that Washington would be able to build a maritime coalition in the Gulf, despite a lukewarm response from European and Asian allies. While, Defense Secretary Mark Esper charged Beijing with predatory economics, intellectual property theft and “weaponizing the global commons”. His comments
Pompeo and Esper met with their Australian counterparts in Sydney at an annual security forum where the US and Australia pledged to strengthen opposition to Chinese activities in the Pacific. The United States and its Western allies worry that China is using foreign aid to secure greater influence over small Pacific countries which control vast swathes of resource-rich ocean.
Yesterday, major blackout hit most of capital city in Java Island and potentially affecting tens of millions people. The failure began at 11 a.m local time and take hours for power to be restored. State-owned producer, PT Perusahaan Listrik Negara said the cause of power outages is due to the Extra High Voltage substation.
End of last week, the Jakarta Composite Index closed down 0.65 percent to 6,340.18 from Thursday. Today, the composite index is estimating still be corrected with support at 6,317 to 6,283 and resistance at 6,353 to 6,404.
The stock to be watch are PT Astra International Tbk (IDX: ASII), PT United Tractor Tbk (IDX: UNTR), PT Tower Bersama Tbk (IDX: TBIG), PT Erajaya Swasembada Tbk (IDX: ERAA), PT Bank Mandiri Tbk (IDX: BMRI), PT Perusahaan Gas Negara Tbk (IDX: PGAS), and PT Waskita Karya Tbk (IDX: WSKT).
On Friday, Indonesian Rupiah also corrected to 14,231 over the Greenback. Today the local currency is predicted still have pressured from the global market.
May you have a profitable weekend!
Written by Linda Silaen and TIS Intelligence Team. Please Read Our Insight to Get More Information about Indonesia