Dollar bonds soar: they climb up to 4% and extend their positive streak

Since the beginning of this week, Argentine assets have shifted decoupled from the rest of the markets and with an upward trend. The streak continues this Wednesday in which bonds rise 4% and Argentine equities listed on Wall Street earn more than 6%.

In this sentence, country risk drops by 1.9% to be placed in the 2,351 units. The JP Morgan banking indicator has improved by 1.8% since the beginning of the month, when Sergio Massa was confirmed as Minister of the Economy.

Aurum Valores analysts underlined at the beginning of the conference: “Keep the tone positive in global markets for emerging and frontier debt driving the rise in both Argentine and other peer bonds. “

With these weekly improvements, some stocks have already begun to cancel the reds accumulated in August, such as the Global 2030 and 2035 which present gains of 4.2% and 3.7% from the lows they had recorded at the end of July.

“If you look at the value of a year ago, until the beginning of June the performance of the GD30 had gone quite in step with emerging debt in general. Then the debt crisis in pesos decoupled the performance, which worsened. with the departure of Martín Guzmán. With the recent improvement, the level of the GD30 returns to the situation prior to the resignation of the official.or, “they added in Aurum.

Like this, the market could begin to normalize from the financial crisis which meant the replacement of two economy ministers in less than a month.

“Gradually Investors see that the government appears to be serious about cutting spending and reducing the deficit. Although at these very depressed prices, any slight increase seems significant. I don’t think Cristina Kirchner will have such an impact. I have not seen anyone believe that this changes the Argentine dynamic, but at the electoral level it could have a marginal impact on them “, says one operator.

A similar dynamic is seen in the stock market. ADRs go up for the third consecutive round e almost all report dollar gains this monthcontrary to the movement of the main Wall Street indices.

This Wednesday, the improvements of Banco Supervielle stand out, jumping by more than 6%, followed by Banco BBVA, which adds almost 4%, after the presentation of the financial statements for the second quarter.

“The rebound in bonds and stocks is remarkable, especially since then the global context was rather adverse these days, “said Francisco Mattig of Consultatio.

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