World equity markets are positive and give air to Argentine assets
Despite a better global mood, Argentine bonds remain volatile. After midday, most of the stocks that entered the exchange of former Economy Minister Martín Guzmán in 2020 They operate with a positive sign.
Country risk, which exceeded the 2,700 basis points ceiling on Wednesday, returns to settle in 2,650 units.
On Wall Street, the major indices rebound, with the tech Nasdaq in the lead, before the latest employment figures for that country are known.
Argentine shares listed on that market rose up to 7%, with Tenaris leading the way. Although ADRs have experienced market volatility over the past five days, some are showing gains.
This better market mood has an impact on the local market as well the Buenos Aires stock exchange rose by 2.3%. It has gained over 10% since the start of the month, an improvement that is pretty much wiped out when measured. according to the dollar price counted with liquidation. “A rising exchange rate helps local currency positions again,” said Javier Rava.
The rebound also extends to the bond market. Despite what Silvina Batakis said Wednesday evening, dollar bonds improve to nearly 5%, with Bonar 2029 in the lead. Sovereign equities have been hit hard over the past week and have fallen nearly 15% since the beginning of July.
“Guzmán’s resignation revealed once again his internship within the ruling party and his own the replacement of Silvina Batakis was not constructive for the market. Therefore, the big question is whether this is the entry point or whether the recent weakness may last for some time, ”PPI analysts explained.
Meanwhile, Cohen has been warned that it is difficult to hazard a plan for these falls. “Neither the low parities – which are discounting a more than aggressive restructuring – nor the high yields seem to attract the attention of investors, making the horizon of the trend change uncertain,” they said before the market opened.
At the same time, with the Central Bank Company in its strategy to support the prices of bonds in pesos, these bounce up to 3.8%. The monetary authority has already spent more than $ 1 billion to buy these bonds in the local market, which have been reaping profits since Friday, despite investor uncertainty remaining high.
NEITHER
Ana Chiara Pedotti
Source: Clarin
