JAKARTA (TheInsiderStories) – Good Morning! After COVID fiscal relief has been implemented, now President United of States (US) Joe Biden administration will likely turn to another one of its priorities, taxes. Worries concern the effect new taxes will have on corporate obligations and the release of official durable goods orders data for February will be used to eye manufacturing consumer confidence amid recent robust growth among goods producers.
On Wednesday, chairman of Federal Reserve, Jerome Powell will testifies and crude oil inventories data out. Then, on Thursday, final fourth quarter GDP to be announced together with initial jobless claims numbers.
Globally, a jam-packed economic calendar for the week ahead sees the release of flash figures to be little-changed on the second estimate of 4.1 percent growth amid buoyant Purchasing Managers’ Index (PMI) data for the Eurozone, United Kingdom (UK), Japan, and Australia, will be eyed for first indications as to how economies are faring as the first quarter of 2021 comes to a close.
February PMI data highlighted a notable divergence between the US and Europe, with the former driving the global expansion. As such, March flash PMI data will be keenly watched to assess the impact of stricter restrictions in Europe amid a third wave of infections across the continent, and also for signs of any let up in global supply chain disruption.
As concerns regarding the coronavirus’ spread heighten across Europe once again, German consumer confidence figures for April are released, providing an insight into customer sentiment in the eurozone’s largest economy. Final fourth quarter’ GDP estimates are also published for Spain and the Netherlands.
In the UK, focus is also centered on labour market performance during the opening stages of the year, as key official data covering unemployment and wages are released. Inflation figures will meanwhile be carefully watched for signs of building price pressures, with PMI data pointing to sharp rises in both input costs and output charges in February.
On Thursday, President of European Central Bank, Christine Lagarde will speaks. In Asia, flash PMI data for Japan follows closely after the minutes for the latest monetary policy meeting of the Bank of Japan are released, with many awaiting details on the recent policy framework review.
While, the Central Bank of the Philippines are due to meet in the week ahead, with balance of trade data for Thailand and unemployment numbers from Taiwan also due for publication. Domestically, there is no important data during this week beside the COVID-19 information.
End of last week Indonesian Rupiah closed up 0.02 percent to 14,407 per US Dollar and the Jakarta Composition Index (JCI) strengthened 0.13 percent to 6,356.16 compared to the previous day. With these various information, this week the local currency its expecting move in the range 14,350 – 14,450 against the Greenback and the stock index between 6.250 – 6.450.
Stocks to be watch for today are PT Indofood Sukses Makmur Tbk (IDX: INDF), PT Semen Indonesia Tbk (IDX: SMGR), PT Unilever Indonesia Tbk (IDX: UNVR), PT Gudang Garam Tbk (IDX: GGRM), PT Bank Central Asia Tbk (IDX: BBCA), PT Astra International Tbk (IDX: ASII), and PT Bank Rakyat Indonesia Tbk (IDX: BBRI).
-IHS Markit contributed to this briefing
May you have a profitable Week!
Written by Linda Silaen and Editorial Team, Please Read Our News to Get More information about Indonesia