With eyes on the foreign exchange market and fiscal surplus, markets continue to party with management Javier Milei.
This Friday, Argentine bonds rose by an average of 2%, bringing country risk, an indicator of Argentina’s debt overprice, to 1,302 basis points. At times the JP Morgan index even traded below 1300 points, which was welcomed by Milei through a retweet from a user who reported the improvement.
With 1,300 points, the risk if it returns to the levels of September 2020, the month in which the debt exchange conceived by the then minister Martín Guzmán took place. When Milei took office he was at 1923 points. Over the course of the year he lost 31%.
Argentine dollar-priced bonds abroad rose between 1% and 2.9%.
It has also been a good wheel for local stocks. In Buenos Aires, the Merval index grew by 2.6% in pesos and 3% in dollars and recovered over the year by 30.6% and 21.25% respectively.
In New York, ADRs rose to 11%, led by Transportadora Gas del Sur, rising all week after the tariff increase was announced. Pampa Energía grew by 7%, as well as Central Puerto and Edenor increased by 5.9%.
Source: Clarin
