After a volatile Monday in global markets and the first trading session of the week for bonds following the Columbus Day holiday in the United States, Argentine activities on Wall Street begin this Tuesday beats. Both stocks and bonds are down, in a week marked by the expectation of new economic data that will be known both locally and globally.
As Aurum Valores reported on Tuesday, there was a “bad start in the markets after several days of low-risk activity. The employment data surprised with a better-than-expected reading, demonstrating that the labor market. in the United States it remains solid “.
Analysts recalled this this week September inflation will be known and the risk of it remaining high is high. “A fiscal season is expected in which the effects of the monetary tightening will begin to manifest, which will add downward pressure on the markets,” they added.
This adverse context affects Argentine assets: dollar bonds fall to 2.7% and the country risk skyrockets 2,826 basis points. Tuesday’s decline deepens the reds already recorded last Friday, when dollar bonds closed with negative yields of up to 1.7%.
PPI analysts pointed out: “Since they went public in September 2020, the performance of emerging countries explains 74.2% of the total decline in bonds, while the rest of the bleeding is explained by idiosyncratic factors (local. , the Argentine bonds Global are linked to external timeand while the current uncertainty and volatility persist, a sustained rebound seems difficult.
The Argentine newspapers also moved on the stock market due to the external trend. With the Nasdaq and S&P 500 down, even New York-listed Argentine corporate stocks are mostly in the red. Tech companies Mercado Libre and Despegar suffer the most, down 4.4% and 3.2% respectively.
At the other extreme, with slight gains, between 0.8% and 0.3%, are Loma Negra, Corporación América and Grupo Financiero Galicia. Despite this, measured in dollars and due to a new drop in liquidity with liquidation, the Merval index manages to rise by 1.2%
NEITHER
Source: Clarin
