Update COVID-19 in Indonesia: 3,293 confirmed infections, 280 deaths (9 April 2020)
9 April 2020 (closed)
USD/IDR (16,241) -4.00 -0.02%
EUR/IDR (17,636) -23.03 -0.13%
Jakarta Composite Index (4,649.08) +22.38 +0.48%
Stocks are under pressure in Asia on Friday morning (05/05) as metal prices continue to slide, while crude oil prices suffered their lowest close since November 2016 after a near five percent plunge yesterday on concerns of a US oil supply glut with analysts forecasting further losses, hence undermining the Organization of the Petroleum Exporting Countries (OPEC)'s earlier efforts to boost the oil price through production cut agreements (chances of seeing deeper cuts in OPEC nations are slim).
Besides crude oil, commodity prices are generally declining on Friday (05/05). This led to big losses for oil giants including Exxon Mobil Corporation and Chevron Corporation on Wall Street (overnight) and offset the good news that originated from solid US corporate earnings reports and some cautious optimism about US President Donald Trump's reform plans after the US House of Representatives passed (albeit barely) a healthcare overhaul (passing the Obamacare replacement bill).
Overnight US stocks did not really move with the Dow Jones, Nasdaq and S&P 500 advancing or receding only modestly. It is assumed investors on Wall Street are now awaiting the April US government payrolls report that is scheduled to be released on Friday (05/05), after March's bleak 98,000 figure. Analysts expect a jump to 185,000 jobs in April 2017.
Some fifteen minutes after opening, Indonesia's benchmark Jakarta Composite Index had barely moved as investors are possibly cautious by aforementioned mixed news reports, while they are also awaiting the announcement of Indonesia's official first quarter gross domestic product (GDP). Indonesia's Statistics Agency (BPS) is set to announce the figure between 09:00 - 10:00 am local Jakarta time on Friday (05/05). This result is expected to have a big impact on Indonesian stocks today.
Last week Bank Indonesia Governor Agus Martowardojo said to expect Indonesia's Q1-2017 GDP growth to fall below 5.05 percent (y/y).
Meanwhile, the Indonesian rupiah exchange rate continued to depreciate, weakening 0.09 percent to IDR 13,339 per US dollar by 09:20 am local Jakarta time (Bloomberg Dollar Index).