JCI Nudged Up
JCI was rebound in the early weekend after it was in the red for 7 consecutive days. Gold continued to be bullish, and CPO was also rebound following a better trade relationship between Malaysia and India. Turning to the global backdrop, the Fed initially viewing the US solid economic state took a sudden dovish stance of trimming its benchmark rates by 50 bps to 1%-1.25% to temper lethal threats of the crisis on the US economy. JCI continued to be bullish in the midweek, supported by economic incentives rolled out by the government. The Indonesian government had initially disbursed funds to boost the tourism sector and then injected the second stimulus
package to maintain stable good supplies through exports and imports. JCI on Friday of March 6 was weak and retreated after the US government disclosed the spread of coronavirus outbreak in New York and San Francisco and surging death toll of that infectious pandemic.
Download full report HERE.