After closing April with a profit, Argentine stocks start the month on the wrong foot on Wall Street. In the absence of activity on the local market due to the Labor Day holiday, the movements of the New York Stock Exchange are the reference: the prices of Argentine companies move mostly downwards. The exception is Corporación América, which is up more than 8%.
down, the most pronounced decline is that of Edenor, which loses more than 6%. Supervielle and BBVA banks complete the podium of the worst performers.
While, bonds are trading slightly lower and country risk worsens 0.2% and stands at 2,662 points. The JP Morgan banking gauge is up more than 20% for Argentina since the start of the year.
“Beyond the external ups and downs, domestic assets reflect greater independence and caution as traders are turning their eyes these days mostly towards the uncertain political and economic backdrop amid exchange rate tensions,” he said. ‘economist Gustavo Ber.
What happens to Wall Street
Shares of major US banks are stable in the early stages stock market performance on Monday after the intervention and sale of First Republic Bank, the third US bank to succumb to the financial storm that erupted in March.
Beyond the uptick experienced by JPMorgan Chase, which today acquired First Republic deposits and stayed “a substantial majority of its assets” and which was revalued by 3.08% shortly after Wall Street opened, the shares of most other major banks were also in profit.
Bank of America rose 0.36%, Wells Fargo 2.97%, Citigroup 2.17% and Goldman Sachs 0.69%, while others fell including PNC Financial Services whose shares fell 4 .74%, US Bancorp, which lost 0.85% and Capital One, which was down 0.23%.
Several stock indexes that track national banks also remained stable in the early stages of the stock market following the debacle of First Republic, the second failed bank in the history of the country.
Thus, among funds that track the stocks of the country’s leading financial institutions, the Invesco KBW Bank ETF was up 0.17%, while the SPDR KBW Bank ETF remained stable.
While ETFs tracking regional entities such as Invesco KBW Regional Banking ETF, SPDR S&P Regional Banking ETF or Dow Jones US Regional Bank Index Fund respectively lost, 0.43%, 0.57% and 1.53%.
US bank JPMorgan Chase today won the tender to buy the assets of the bankrupt First Republic Bank (FRB), as reported by the Federal Deposit Insurance Corporation (FDIC) of this country.
The FDIC, the independent US federal agency for insurance, assured in a statement that the agreement between the two entities was closed in the last few hours, and that “JPMorgan Chase Bank will assume all deposits and substantially all assets of First Republic Bank.”
As of April 13, First Republic Bank, which was among the 15 largest banks in the country, had about $229.1 billion in total assets and another $103.9 billion in total deposits.
The bank, which had already been bailed out with a $30,000 million fund contributed by the country’s major financial firms, including JPMorgan, sank again after announcing its quarterly results in which it revealed that the worst moment of the crisis came to lose $100,000 million in deposits.
NS
Source: Clarin
