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Breakfast Club Wednesday, 18 Nov 2020 Breakfast Club Good morning, we have another good news from the U.S. Reuters reported the House of Representatives unanimously approved legislation to reform the Federal Aviation Administration’s aircraft certification process after two fatal Boeing 737 MAX crashes in Indonesia and Ethiopia which killed 346 people. The bill requires an expert panel to evaluate Boeing Co’s safety culture and to recommend improvements, and mandates that aircraft manufacturers adopt safety management systems and complete system safety assessments for significant design changes. In addition, the bill would extend airline whistleblower protections to U.S. manufacturing employees, require FAA approval of new workers who are performing delegated certification tasks, and impose civil penalties on those who interfere with the performance of FAA-authorized duties. The 737 MAX has been grounded since March 2019 but the FAA is set on Wednesday to approve the plane’s return to service after a lengthy review, new software safeguards and training upgrades. Moving on to another interesting issue, Bloomberg reported the U.S. Securities and Exchange Commission is pushing ahead with a plan that threatens to kick Chinese companies off U.S. stock exchanges, setting up a late clash between Washington and Beijing as the Trump administration winds down. The SEC move is unusual because most agencies stop issuing major new policies after a presidential election, especially when a new party is taking power. In addition, it’s unlikely the rule will be finalized before President Donald Trump’s term ends on Jan. 20. Clayton, who plans to step down by the end of the year, will also be gone before any regulation is finished. That would leave completing it to an SEC chief picked by President- elect Joe Biden. Federal Reserve Chair Jerome Powell said the U.S. economic recovery is likely to continue at a “solid” pace yet risks losing momentum as the virus surges. The Fed will stay here and be strongly committed to using all our tools” to support the economy, Powell said. “The next few months may be very challenging.” Powell said recent progress on finding a vaccine was good news in the medium term, but the U.S. economy still has a “long way to go” before it fully recovers from the pandemic. Meanwhile at the Senate -- Judy Shelton’s nomination to the Federal Reserve Board was blocked in the Senate Tuesday, a stunning setback for Senate Majority Leader Mitch McConnell and a blow to President Donald Trump’s drive to shake up the U.S. central bank before he leaves office. Shelton, 66, a former informal adviser to Trump, was long known for her advocacy of a return to the gold standard, ultra-hawkish views on inflation and opposition to federal deposit insurance. She provoked further controversy and opposition by abandoning those views and calling for interest-rate cuts to align herself with Trump as she emerged as a candidate for a Fed post. 01 Wednesday, 18 Nov 2020 Breakfast Club Market update (UBS). BofA fund manager survey argued investors in "full bull" mode, but market also increasingly concerned about coronavirus resurgence with multiplying state/local lockdown measures. DOW -0.56%, S&P -0.48%, NASDAQ -0.21%. European equity markets closed lower as coronavirus developments remains at the forefront with European case growth is starting to level off a little but hospitalizations remain high, with Italy now becoming a major concern again with data showing 32,191 new covid cases vs 27,354 yesterday and 731 daily virus deaths vs 504 day before. FTSE -0.87%, DAX -0.04%, CAC +0.21%. The JCI added 0.64% on Tuesday, with foreign buying Rp738.411bn. Total trading value was gigantic at Rp14.3tn. In China (please see chart on the right) – Bloomberg reported China’s 10-year government notes are set to drop for a seventh month in November, on track for the longest retreat since 2007. The decline has pushed the benchmark yield to a one- year high, with a technical indicator suggesting the bonds are facing the worst selling pressure since July. Behind the sour sentiment are worries that Beijing will tighten its monetary policy amid the economic recovery, even though lenders are challenged by a series of recent corporate bond defaults and a $900 bn funding shortage over the last two months of this year. The central bank’s ¥200 bn ($30.5 bn) net cash injection on Monday failed to dispel concern over scarcer funding supply. An indicator of trader expectations for money market rates is hovering near a 10-month high. News highlight at home (Bloomberg). Indonesia sets five-year investment target at $354bn. The five-year target is 47% higher than 2015-10 period. Indonesia's 2021 total direct investment target is Rp858.5tn. Indonesia Sovereign Wealth Fund seeks to raise $15b : MoF (Bloomberg and Jakarta Post). The government to put $5bn initially in cash and stakes in SoEs to start the fund. $15b to be raised by offering multiple dedicated industry funds. Toll road, electricity and health sectors are examples of investment targets. The structure has been adopted to entice global investors with various appetites for risk, return and the length of investment. Three SoEs to get extra Rp8.57tn injection (Jakarta Post). The government has allotted capital injections of Rp 1.57 tn for Penjaminan Infrastruktur Indonesia (PII) and Rp 2 tn for Bio Farma. The Indonesian Export Financing Institution (LPEI) is to receive an additional Rp 5tn in PMN this year. BPOM affirms no report of serious side effects of Sinovac Vaccine (Bloomberg). More than 1,600 subjects involved in the clinical trials have not reported serious adverse effect as of Nov. 6. The final trial has been completed and BPOM, is waiting for results of data analysis. 1,523 subjects out of total 1,620 are in monitoring phase. BPOM is ready to issue Emergency Use Authorization after all phases are completed, and data supports. Indonesia needs >246m doses for 107.2m healthy citizens aged 18-59 years old. 02 Wednesday, 18 Nov 2020 Breakfast Club “Enjoy your own life without comparing it with that of another.” Marquis de Condorcet 03 .
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