The market gives Batakis a thumbs down (AP Photo / Natacha Pisarenko, FIle)
In the utmost distrust, with eBlue dollar at $ 300 for the first time and types of parallel changes by tapping new highsthe country risk rises again this Tuesday a new step e touches 2,824 points, amid a further decline in dollar bonds.
Government bonds entered the Martín Guzmán exchange in 2020 precipitate up to 4% and although Global 2035 rebounds, it does not serve to cancel the poor market expectations on Argentina’s payment capacity. Last week, risk assessment agency Fitch warned him it could lower the grade of the country’s debt, given the growing financial tension.
The punishment of investors for lack of certainty about economic direction is felt both in global bonds, which are governed by international law, and in those regulated by local law. Both groups of stocks are showing drops of over 18% so far this month and have lost over 40% of its value since the beginning of the year.
“As July progresses, the message is becoming clearer. drivers and there is a lack of expectations of change between now and the presidential elections; Y uncertainty overcomes“, indicated PPI analysts.
For their part, AdCap strategists noted: “Current prices already discount some kind of hostile default or restructuring. The downside It appears to be very low at these levels, but in the short term there is no reason to believe that this will change. However, we believe returns could materialize over the medium term. “
Meanwhile, on the stock exchange and hand in hand with a better international mood, the Buenos Aires stock exchange bounces for the second consecutive day. Midway through the wheel, the S&P Merval index gained 1.3%, with Cresud and Ternium Argentina leading.
The leading indicator of the local stock exchange gains 19.2% over the month, but the cash jump with liquidation of this same period means that, when measured in dollars at the free exchange rate, the earnings become a drop of 0. 9%.
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Source: Clarin
