Waiting for new inflation data in the US and with investors fearful of the Federal Reserve’s strategy against it, Wall Street starts the week down. The Nasdaq tech index leads the reds, but the Dow Jones and the S&P 500 are also trading negative. This extends to New York-listed Argentine stocks, losing just over 3%
“The main ADRs fell – during local holidays – by an average of ~ 1.5%, accompanying the global discontent that immediately transferred to the emerging ones, and in this sense the more liquid cards are still preferred at the time of tactical rebalancing , “said analyst Gustavo Ber.
Investors Await Important US Inflation Data Expected Thursday and Beginning of a New Wave of Corporate Results in which the accounts of, among others, some of the country’s major banks will be announced this week.
Last week Wall Street suffered a strong rebound and then significant losses, which left the weekly calculation slightly improving, but which continued to show the instability that dominates the market.
The Argentine newspapers that lost the most were those of YPF, with a decline of 3.8%; followed by Corporación América and Edenor, which lost 3.4%. At the other extreme, with a jump of almost 5%, Cresud is the ADR driving the earnings.
“Nationally, the main focus is on financial dollars, beyond the calm they have shown so far in the new phase of the post” soybean dollar “, although there is concern among operators that the lower supply of foreign exchange lead to a drainage of accumulated reserves and, in the face of this, measures that aim to add restrictions on demand continue to be deployed to cushion the deterioration in the foreign exchange balance, “Ber said.
Source: Clarin
