U.S. stocks jumped on Monday, and the S&P 500 closed at a 10-week high






U.S. stocks jumped on Monday, and the S&P 500 closed at a 10-week high, on encouraging early-stage data for a potential coronavirus vaccine and on the promise of more stimulus to lift an economy beaten down by the pandemic. Drugmaker Moderna Inc (MRNA.O) surged 19.96% after the company said its experimental COVID-19 vaccine showed promising results in a small early-stage trial. (Reuters)

The government is expanding the budget for the National Economic Recovery Program (PEN) to address the negative impact of the Covid-19 coronavirus pandemic on the economy. As a result, the budget deficit swelled from the initial plan in Presidential Regulation (Perpres) No 54/2020. Finance Minister Sri Mulyani Indrawati said, the total budget for this program reached Rp 641.17 trillion, double the Ministry of Finance’s initial proposal of Rp 318.09 trillion during a working meeting with the House Commission XI. Therefore, this year’s budget deficit is estimated to reach 6.27% of GDP or equivalent to Rp 1,028.5 trillion. (Kontan)

 

Source: Danareksa Sekuritas Debt Research