Update Stock Market News
• China on Thursday cut its one-year loan prime rate by 10 basis points, while its five-year LPR was cut by 5 basis points, according to its central bank.
• Oil slipped from 7-Year high with Biden pledging to tackle price.
• At least 1,362 additional COVID-19 cases were confirmed in Indonesia on Wednesday.
• Bank Indonesia maintained its benchmark interest rate on Thursday to safeguard the stability of the rupiah and keep inflation in check
Indonesian stocks were higher on Thursday after four day of losses with central bank kept benchmark rates unchanged as expected.
Jakarta composite rose 34.89 points (+0.5297%) to 6,626.871. LQ45 climbed 0.50% to 943.343. There were 17.753 billion shares traded worth of Rp12.696 trillion, including transaction Rp408 billion in negotiation market. 288 shares rose while 232 declined and 158 unchanged. Foreign investors sold a net Rp17.63 billion in regular market.
Bank Indonesia maintained its benchmark interest rate on Thursday to safeguard the stability of the rupiah and keep inflation in check. The central bank kept its seven-day reverse repo rate unchanged at 3.50%. Overnight deposit and lending facility rates were kept at 2.75% and 4.25%, respectively.
The central bank may wait until the second half of the year before raising rates to nurture economic growth, even though the US Federal Reserve looks likely to tighten monetary policy as soon as March.
On coronavirus front, at least 1,362 additional COVID-19 cases were confirmed in Indonesia on Wednesday, Health Minister Budi Gunadi Sadikin said.
Global markets
Markets in Asia were mixed with Hong Kong’s Hang Seng jumped more than 3% after China’s central bank cut its benchmark lending rate.
Meanwhile in Europe, stocks were choppy as investors turn focus to earning to gauge strength of recovery.
The People’s Bank of China reduced the one-year loan prime rate by 10 basis points from 3.8% to 3.7%. In December, the PBOC cut the one-year loan prime rate for the first time since April 2020. Meanwhile, the five-year loan prime rate was lowered by 5 basis points from 4.65% to 4.6% — it was the first cut since April 2020, at the height of the coronavirus pandemic in the country.
Japan registered a trade deficit of JPY 582.36 billion in December 2021, compared with market consensus of a JPY 784.1 billion gap and shifting from a surplus of JPY 780.28 billion in the same month in the prior year.
Elsewhere, data released in Australia showed that the employment change was 64,800, the full employment change was 41,500 and the unemployment rate was 4.2% in December.
U.S. Treasury yields remained higher with investors are also bracing for the U.S. Federal Reserve to tighten monetary policy faster than expected in its policy decision to be handed down on Jan. 26.
Commodity
Oil retreated from the highest close since 2014 after President Joe Biden pledged to continue trying to lower prices and an industry report pointed to a modest increase in U.S. crude stockpiles.
Brent crude declined 86 cents (-0.97%) to $87.58 while crude futures fell 62 cents (-0.71%) to $86.34. Crude stocks rose by 1.4 million barrels for the week ended Jan. 14. Gasoline inventories rose by 3.5 million barrels while distillate stocks fell by 1.2 million barrels, according to American Petroleum Institute.
Gold prices were trading flat on Thursday, edging marginally lower, after steadying near a two-month peak, hit during the previous session amid a retreat in the dollar and geopolitical tensions surrounding Ukraine.
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On economic calendar this week:
– U.S. home sales for December on Thursday local time
– EIA crude oil inventory report also due Thursday
– Japan’s inflation rate and UK retail sales are due Friday
Update Stock Market News
Major index this afternoon:
STOXX 50.. 4,260.11 (-0.19%)
CAC 40.. 7,146.48 (-0.37%)
DAX.. 15,794.20 (-0.10%)
FTSE.. 7,584.05 (-0.07%)
NIKKEI.. 27,772.93 (+1.11%)
SHCOMP.. 3,555.06 (-0.09%)
HSI.. 24,952.35 (+3.42%)
TAIEX.. 18,218.28 (-0.05%)
KOSPI.. 2,862.68 (+0.72%)
S&P/ASX 200.. 7,342.39 (+0.13%)
SENSEX.. 59,218.34 (-1.47%)
STI… 3,293.44 (+0.29%)
DOW FUT.. 35,012.00 (+0.29%)
S&P FUT.. 4,540.25 (+0.35%)
NASDAQ FUT.. 15,115.75 (+0.55%)
For previous market review: Indonesian Stocks Declined for a Second Day While Foreigners Record Net Purchase of More Than 1 Trillion
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