Although Wall Street improves, Argentina’s debt does not rebound
The dollar debt market appears not to have reacted to the announcements by the Minister of Economy, Silvina Batakis. Since opening this Tuesday, stocks that went public in 2020 have moved into the red and have lost more than 2.7%.
Thus the country risk returns exceed the maximum of 2,700 basis points, touching 2,717 units Past noon.
Despite the rebound in global markets this Tuesday, Argentine stocks are still heavily punished. There are only two exceptions where we see an incipient rebound: the case of Global 2035, which in the previous one fell by 3.5% and this time it is up by 2.4%; and Bonar 2041, which improved by 2.1%.
“The local environment is also not very encouraging. A central bank that falters to maintain an average rate of accumulation of reserves, coupled with inflation, which gained new momentum in the first days of the month, they only add seasoning to one macroeconomic situation that has no north. The market takes notice and the Argentine debt suffers, “PPI analysts said.
For his part, Pablo Reppetto, of Aurum Valores, underlined: “The announcements of Batakis seem appropriate, but their implementation is a great unknown. Even more when did not explicitly receive political support K“.
On Monday, after Batakis’ first press conference at the head of the Treasury, Alberto Fernández came out to support his position, but there was silence on the other half of the ruling coalition.
On the stock market, the situation is not very different. On Wall Street, Argentine newspapers break away from improving major indices e go down to 3.2%. On the local market, the stock market lost 0.9%. Measured in dollars, due to the jump in the exchange rate, the Merval index falls by 0.8% this month and accumulates a red of just over 17% so far this year.
After the official announcements, the volume of transactions in Argentine shares fell to $ 1,180 million, while last week’s Thursday and Friday, $ 2,399 million and $ 2,469 million were traded respectively.
NEITHER
Source: Clarin
