Thus, on the New York Stock Exchange, Argentine papers posted widespread increases, led by YPF (+6.4%), Banco Macro (+5.5%), Despegar (+5.3%); Bioceres (+5%); South Gas Carrier (+4.8%); and Telecom (+4.3%).
For its part, the S&P Merval gained 2.4% to 123,953.36 units, after losing 1.2% last week and gaining a strong 38.5% in July. The improvements were led by energy companies in anticipation of political changes in the area.
Massa promised to lower the fiscal deficit, strengthen the scarce reserves of the central bank (BCRA), reduce the rate of inflation and give a greater boost to trade. On Sunday he appointed Flavia Royón in the Energy area, where changes in subsidies that have caused significant macroeconomic imbalances are defined.
“Key details on the implementation of the measures are awaited – so that they are part of a stabilization plan – since moving towards the correction of imbalances is urgent to improve expectations among economic agents,” said economist Gustavo Ber .
“Operators will also continue to pay attention to political signals, since having broad and sustainable support is crucial to moving forward given the associated costs,” added the analyst.
Market sources do not rule out that the monetary authority will decide this week a new increase in its reference interest rate, in line with the firm inflation in July that will be reported next Thursday.
Bonds and country risk
In fixed income, the main sovereign bonds in dollars ended with the majority of increases, after finishing stable last week and improving by 7.2% the previous one, due to expectations of changes in the economic portfolio.
The increases were led by Bonar 2029 and Bonar 2038 (+2.7%), which were followed by Bonar 2030 (+2.4%), and Bonar 2035 (+2.3%). Globals, meanwhile, ended mixed, with Global 2030 (+1.7%) at the top of the gains.
The country risk measured by JP Morgan fell 2.6% to 2,371 basis points, in line with the improvement in public securities and what was evidenced on Wall Street. “A hopeful jump in prices, which should be validated by the new economic and political regulations. It is convenient to closely monitor the development of events,” said VatNet Financial Research.
Wall Street, disparate
For its part, Wall Street closed with mixed results, after a session without macroeconomic news and waiting for crucial statistics on inflation that will be released tomorrow.
In this framework, the Dow Jones rose 0.09% to 32,832.54 points; while the Nasdaq, with a strong technological composition, fell 0.10% to 12,644.46 points and the expanded S&P 500 index fell 0.12%, closing at 4,140.06 points.
In the absence of macro-relevant news, markets reacted to several corporate earnings announcements.
On the Nasdaq, graphics card maker Nvidia fell 6.30% to $177.93 and said it was “surprised” by the drop in video game revenue. The group announced preliminary results for the second quarter showing a “significant slowdown” in the video game sector.
Source: Ambito
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