He also pointed to ongoing China-US tensions after the White House said it would end self-imposed restrictions on official contacts with Taiwan, a move likely to irk Beijing.
Oil prices extended gains after soaring nearly five percent Tuesday on news that Saudi Arabia had offered to cut output by a million barrels in both February and March.
"The rupiah may continue its outperformance the global hunt for yields should drive more inflows into its bond markets which would be a major supportive element for the Indonesian currency," Tan added.
The EU has rejected the latest UK offer on the crucial sticking point of fishing but is ready to pursue an agreement even beyond the end of the year cut-off, diplomats said.
Prime Minister Boris Johnson has said that there is still a good chance of a no-deal, with negotiators unable to find common ground on access to fishing grounds.
While most observers are confident the world economy will enjoy a healthy recovery next year as inoculations are administered, the immediate impact of the disease as countries endure a fresh wave was acting as a drag on trading floors.
The Democratic candidate’s election victory was already largely priced in by markets, which had been trading with the view of a Biden presidency and a Republican-controlled U.S. Senate since last week.
Investors expect Democrat Joe Biden to beat President Donald Trump and the Republicans to retain control of the Senate, allowing them to block the Democrats’ agenda, such as corporate tax hikes and massive borrowing for large spending.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.5% to 573.04, as China's Caixin/Markit Manufacturing Purchasing Managers' Index offered hope the region's success in containing the coronavirus could spare it the economic pain being inflicted on Europe and the United States.
S&P500 futures rose 0.6% in Asia, extending Wall Street shares’ rebound overnight after strong employment data and talk of progress on long-delayed COVID-19 relief legislation.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2%, hovering just above a one-month trough touched earlier this week. Japan's Nikkei rose 0.3%.
Manufacturing activity in China expanded at the fastest clip in nearly a decade in August, as factories ramped up output to meet rebounding demand, a private survey showed. New export orders rose for the first time this year.
MSCI’s broadest index of Asia-Pacific shares outside of Japan rose 0.3%, up for a third straight day to 570.80 points, a level not seen since late January.
There was also some relief that China did not include any members of Donald Trump's administration in a group of 11 Americans hit with sanctions, in retaliation to a similar US move last week linked to the Hong Kong row.