Greater doubts about the international financial system put local bond and stock prices in check. S&P Merval drops 2.3%, 218,735.33 units, while fixed income fell nearly 3%. And the country risk rises and stands at 2,324 points.
The Argentine market is infected by the trend that the teams have on a general level. on Wall Street, the Dow Jones Industrials drops to 1.43, at 31,786.71 points, while the Nasdaq dropped 0.97%, to 12477 points.
When the world sneezes, Argentina catches a cold, they usually say at the market. And so it is, faced with risk aversion, emerging markets lose steam, and the local market is no exception. The S&P Merval index of the Buenos Aires Stock Exchange falls by 2.3% half wheel
Meanwhile, Global swap bonds -in dollars- lose almost 3% in the local market, with which they discount practically everything recovered on Thursday. Global 2029 falls 2.8%, while Global 2030 falls 2.1%. In the central section, the Global 35 is the only one that rises, 2.10%.
This Friday, the markets, a priori, expected a calmer day after the recovery that the external markets experienced the day before. However, despite the signals and even the bailouts made around the faltering banks, Credit Suisse shares are back in the red. (lose more than 5% in the US)a situation that adds to that of the First Republic Bank plunges more than 25%.
Banks that bailed out First Republic Bank followed, with shares in JPMorgan Chase & Co, down 2.84%, Citigroup Inc, down 2.91%, Bank of America Corp, down 3.80%. %, and Goldman Sachs, shed 3%. .
London’s FTSE 100 index lost 1%, Paris’ CAC 40 1.44% and Frankfurt’s DAX 1.28%. In Madrid, the Ibex-35 fell nearly 2%.
“A group of US banks intervened to help the First Republic to contain the crisis that had arisen from the collapse of two other regional banks -Silicon Valley Bank and Signature Bank-, and which had a separate chapter in Europe with the collapse right away. Suisse”, summarized by Research for Traders.
“These are difficult times for the investor, both in making decisions and in positioning. Something new appears every day and one feels that there could be even more things being swept ‘under the rug’ both internally and externally,” said Portfolio Personal research.
PPI specialists warn this “It’s time to be careful.”
Due to the delicate local context, mainly due to the proximity of the presidential elections, “Add external volatility, it gets even more complicated.”
When asked what is the investor looking for in this context?, the answer of those who know is: “without looking at the outside world, the best refuge could be the MEP dollar or the Cash With Liquidation (CCL)”, even if they recognize that “it is difficult to make an analysis, because today in the USA there is considerable inflation and staying with the cash register is perhaps not the best alternative”.
For Nicolás Chiesa, director of PPI, as always in times of financial storm it is advisable to look towards “gold again”.
NS
Source: Clarin
