May 21, 2019

Jokowi rescues Indonesia's stock market

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Data: Investing.com; Chart: Axios Visuals

Sitting Indonesian President Joko Widodo, known affectionately in the country as Jokowi, was declared the winner of April's hard-fought election on Tuesday by a double-digit margin.

What's happening: It was not a second too soon for equity investors. The country's benchmark index has fallen off a cliff since voting began on April 17.

Details: After rising a respectable 5% from Jan. 1 through Election Day, the stock market not only erased all of its gains but declined by 10% during the country's month-long election process.

  • Through Monday, the exchange was in the red by 5% for the year.
  • Last week was the index's worst in 13 months, as political instability and security risks weighed on the market ahead of the election results being revealed.
  • Jokowi's win helped equities bounce 2% overnight Tuesday.

Go deeper: What to know about Indonesia's massive election

Editor's note: The spelling of the Indonesia president's nickname was corrected to Jokowi.

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Trump's new purge

Michael Atkinson, arrives in October for closed-door questioning about the whistleblower complaint. Photo: J. Scott Applewhite/AP

Sources close to President Trump expect him to fire more inspectors general across his government.

What they're saying: Conservative allies of the president have told him that these IGs are members of the “deep state” trying to undermine him. Trump appears to have embraced that view.

Coronavirus dashboard

Illustration: Axios Visuals

  1. Global: Total confirmed cases as of 11:30 a.m. ET: 1,140,327 — Total deaths: 60,887 — Total recoveries: 233,930Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 278,568 — Total deaths: 7,163 — Total recoveries: 9,920Map.
  3. Public health latest: The CDC is recommending Americans wear face coverings in public to help stop the spread of the coronavirus. The federal government will cover the costs of COVID-19 treatment for the uninsured.
  4. 2020 latest: "I think a lot of people cheat with mail-in voting," President Trump said of the 2020 election, as more states hold primaries by mail. Montana Gov. Steve Bullock said Friday that every county in the state has opted to expand mail-in voting for the state's June 2 primary.
  5. Business updates: America's small business bailout is off to a bad start. The DOT is urging airlines to refund passengers due to canceled or rescheduled flights, but won't take action against airlines that provide vouchers or credits.
  6. Oil latest: A pivotal Monday meeting among oil-producing countries to discuss supply curbs is reportedly being delayed amid tensions between Saudi Arabia and Russia.
  7. Military updates: Senators call for independent investigation into the firing of Navy captain of the U.S.S. Theodore Roosevelt. The U.S. military is struggling to find new recruits as enlistment stations are shut down.
  8. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

U.S. coronavirus updates: New York reports record 630 deaths in 24 hours

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

New York reported 630 new deaths in 24 hours, Gov. Andrew Cuomo said Saturday — an "all-time increase" that beat the previous day's record of 562 deaths in one day.

The big picture: As expected, COVID-19 death tolls are rising in the U.S., killing more than 7,100 people in total, and over 1,000 in 24 hours alone. The CDC is recommending Americans wear face coverings in public to help stop the spread, marking a significant change in messaging from the Trump administration.

Go deeperArrowUpdated 45 mins ago - Health