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Munich
Friday, December 9, 2022

Merval yielded 3.3% and the ADRs lost up to 10%

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Argentine papers listed on Wall Street, meanwhile, fell to 10.4%, stressed by the external context, led by Cresud, followed by YPF (8.1%), Loma Negra (7%) and Transportadora Gas del Sur ( 6.5%).

In the fixed income segment, bonds in dollars fell to 1.3% thanks to the LA29, followed by the LA41(-1.2%) and the GD30(1.1%). In this way, the country risk that reached 2,500 in the previous day, rose 2.1% to 2,536 basis points.

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local context

The scarce net reserves held by the central bank (BCRA) remain in the center of the financial eye, since importers are concerned about the cut in supplies for the normal development of the economy.

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Analysts consider that the daily sales of dollars that put pressure on the coffers of the monetary authority put more pressure on the weakened exchange rate, in the face of projected inflation of 100% by 2022 and a complex fiscal deficit. According to estimates, the coffers of the Central Bank could stop receiving between US$3,000 and US$5,000 million in agricultural exports due to the effect of the harsh drought.

“The problem now is the cut in dollars that imports need,” said economist Miguel Kiguel. “The level of (net) reserves is around US$4.5 billion, just for about three weeks of imports. It is a very poor level (…) when to work well, it should be 10 times more than this figure, ”he added.

In the midst of the difficult liquidity outlook, the market will pay attention today to the long-awaited debt swap launched by the Government to clear the clouds in the last two months of the year.

Source: Ambito

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