After several days of declines impacted by global and local turmoil, Argentine stocks rallied this Monday in Argentina and the United States. Right away, debt securities in dollars maintain the negative trend which has been occurring since last week, when the debt swap was announced, which includes the shareholdings of public bodies, such as ANSeS.
In Buenos Aires, Merval rises by 6.5%. In New York, the increase in so-called ADRs exceeds 8% in the case of Corporación América, with YPF with 7.2% and immediately after Irsa with 6.7%.
Locally, the shares of Pampa Energía and Central Puerto recorded increases of 9.2% and 8.9% respectively.
The Dow Jones is up 0.8%. “With a calmer tone looks to start the week Wall Street, even amid financial system twists and an eventual recession, which is how domestic assets are experiencing a mixed recovery – with bonds more coy – as traders assess how the electoral map is shaping up,” he said. said the economist Gustavo Ber.
“Amidst the upheavals of the financial system, Wall Street continues to respond cautiously until there is more clarity on the extent, to which a possible recession could soon be added, that the recent sharp drop in UST rates is discounted and it could force the Federal Reserve to cut about 100 basis points,” Ber said.
In the fixed-income segment, dollar-denominated bonds recorded falls of up to 1.40%, while securities in pesos recorded gains of up to 1.2%. In that picture, country risk fell by 0.6% to 2,534 basis points.
“While waiting for the fine print to assess implementation possibilities, investors continue to respond cautiously to public sector debt swaps,” Ber hinted.
For its part, the settled cash dollar rose 0.5% to $392.07 and the deputy dollar rose 0.8% to $378.74. In the informal segment, the blue is up one peso, to $390.
with these movements the positive effect of the announcement of the dollar bond swap seems to fade, which last week helped reverse the rally that alternative dollars had undertaken after receiving February inflation data at 6.7% in mid-March. Thus, the CCL reached $403 and blue stretched to $395.
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Source: Clarin
