JAKARTA (TheInsiderStories) - Good Morning! Group of Seven (G7) rebuked China, Russia, and support for Taiwan in their two-days meeting in London, United Kingdom (UK). Top diplomats’ meeting expressed its encouragement for China to participate constructively in the rules-based international system.
They again asked for an investigation related to Alexey Navalny’ poisoning. G7 members also agreed to work together to promote global economic resilience in the face of arbitrary and coercive economic policies and practices. Several points related to geopolitical issues discussed include the human rights and political crises in Belarus, North Korea, the Western Balkans and support for the official opening of European Union negotiations with Albania and North Macedonia, as well as the Myanmar military coup.
In Asia, India’ central bank loosened monetary policy at the margins to help the country cope with a COVID-19 wave that is still essentially out of control. The Reserve Bank of India also announced a new term lending facility worth of US$7 billion to help healthcare entities’ access to credit as they scramble for basic supplies from PPE to oxygen.
On Tuesday, the country reported a second straight drop in daily new cases to 382,000, but most analysts say the number is likely under-reported. Officials deaths from COVID-19 hit a new daily high of 3,780.
From Europe, the European Medicines Agency has started a rolling review of the COVID-19 vaccine manufactured by Chinese pharmaceutical company, Sinovac. The move marks possible approval for use in the 27-nation block. The vaccine injection is currently licensed for use in China, Indonesia, Brazil and Turkey.
In the commodity market, Brent crude oil tested $70 a barrel for the first time in two months after the American Petroleum Institute reported the biggest weekly drop in the United States (US) crude stockpiles since November. The agency estimated inventories fell by 7.69 million barrels last week, after a 4.32 million barrel drop the previous week, giving fresh evidence of a surge in gasoline demand in particular.
Yesterday, Indonesian Rupiah lowered by 0.04 percent to 14,435 per US dollar and the Jakarta Composite Index (JCI) closed up 0.30 percent to level of 5,993.66. The analysts assessed that the pandemic will still affect index movements. The biggest investor worry now is the emergence of a second wave in various countries, especially India. Even Malaysia has reintroduced lockdown in some of its areas.
They also need to pay close attention to the realization of the 2021 national economic recovery program budget as well as the realization of the Job Creation Law, which is expected to attract foreign companies to Indonesia and increase employment opportunities.
From externals, there is policy sentiment between the US government and the Federal Reserve regarding the rate of economic growth and inflation. With this information, the Rupiah is expected to move in the range and JCI between 5,827 - 6,088 and the JCI between 5,950 to 6,000.
A number of share recommendations for today are PT Bank Central Asia Tbk (IDX: BBCA), PT Astra International Tbk (IDX: ASII), PT Semen Indonesia Tbk (IDX: SMGR), PT Astra Agro Lestari Tbk (IDX: AALI), PT Tower Bersama Infrastructure Tbk (IDX: TBIG), PT AKR Corporindo Tbk (IDX: AKRA), and PT Bukit Asam Tbk (IDX: PTBA).
May you have a profitable day!
Written by Linda Silaen and the Editorial Team, Please Read Our News to Get More information about Indonesia
