JAKARTA (TheInsiderStories) - Last week, the Asia-Pacific Economic (APEC) leaders discussed the cooperation in handling COVID-19 and efforts to restore the economy in the region, and discussing the post-2020 APEC vision. There were two documents that were endorsed by leaders, the APEC Putrajaya Vision 2040 and the Kuala Lumpur Declaration.
While, the Group of 20 Summit focused on finance and the Sherpa track to recover the economy due to the COVID-19 pandemic, including financing for the virus outbreak and relaxation of debt payments for low-income countries. The finance track also discussed financing for the COVID-19 vaccine and the Debt Service Suspension Initiative. It has been agreed to postpone debt payments for 46 of the 77 countries that are eligible to participate in the program.
This week, United States (US) president-elect Joe Bidden will announces his cabinet member despite the incumbent, Donald Trump still not admitted his win. Then, flash Purchasing Managers Index (PMI) surveys will provide important mid-quarter insights into the state of the Eurozone, US, and United Kingdom economies.
The surveys will provide the first major clues as to how business conditions have changed in the aftermath of the US elections and at a time when the adverse impact of new lockdowns in many countries will have been countered by encouraging news on COVID-19 vaccines.
The US flash PMI will be noteworthy in providing the first post-election snapshot of the national economy. October data showed business growth accelerating to the strongest since May 2018, driven by the largest increase in services activity since April 2015 and a marked surge in confidence.
Other key US releases include a fresh estimate of third quarter GDP, personal income, spending and prices, durable goods orders, home sales and house prices. The minutes from the last Federal Reserves meeting are also released, though with chair Jerome Powell emphasizing the importance of fiscal as well as monetary stimulus.
The Eurozone data will also be especially eagerly awaited after October’ PMI showed the economy stalling as its third quarter rebound faded. The data raise the risks of a renewed downturn in the fourth quarter.
In the UK, growth weakened markedly in October, and the further lockdown in November is expected to hit the economy hard, threatening a double-dip downturn. In Asia, industrial production releases in Japan, South Korea, Thailand, Singapore and Vietnam.
Plus China’ industrial profits, are among the top picks, providing useful steers on the extent to which the region’ manufacturers are pulling out of the downturn. Japanese retail sales and Singapore’ GDP are also released, and South Korea’ policymakers meet to set interest rates. And in Indonesia, the government prepared
At the end of last week, Indonesian Rupiah weakened 0.07 percent to 14.165 per US Dollar and the Jakarta Composite Index corrected 0.4 percent to the level of 5,571. This week the local currency is expected to move between 14,135 - 14,180 and the stock index is in the range of 5,350 - 5,600.
Stocks that can be watched this week are the banking, mining, commodity, retail, and manufacturing sectors.
-IHS Markit contributed to this briefing
May you have a profitable Week!
Written by Linda Silaen, Please Read Our News to Get More information about Indonesia
