In this way, the country-risk, which is measured by the JP Morgan bank, fell another 2.1% to 2,330 points, the lowest level in two months.
“A large part of the future of Argentine bonds depends on the external climate, and, therefore, the rebound of the last few weeks can be framed within a very optimistic framework for emerging credit,” said Portfolio Personal Inversiones but added: “However , the previous gap increase ($5.44 currently, vs. $4.41 average last week) reflects that this rebound is not as significant as it should be. In other words, idiosyncratic risk is playing against the recovery.”
The StoneX brokerage, for its part, said that “it remains to be seen if, despite the rise in emerging markets, the bleeding in international reserves (of the BCRA) and the recent movement of financial dollars does not act as a counterweight in what follows ( with the bonds).
For their part, dollar-linked sovereign bonds operated heavily. “While Q2V2 was flat, the longer ones fell on average 1%, with TV24 bearing the brunt, which lost 2%,” said the SBS Group. The duals, on the contrary, were offered in the short tranche (-0.15%) but more takers in the long tranche that rose 1%. Finally, the debt in pesos with CER adjustment operated as a taker in the short tranche, which gained 0.2%, while the long tranche (TX26 onwards) lost 1.5%.
This Wednesday, in addition, the Central Bank ended with purchases for US$5.5 million, according to official sources, after thirteen consecutive rounds with a negative balance. It should be remembered that the BCRA sold US$48 million on Tuesday and so far in November it has accumulated sales of US$911 million.
Among the local news, the Argentine president, Alberto Fernández, described as a “good meeting” the one he had in Bali with the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, and said that the country “complies with the proposed objectives before the credit agency.
S&P Merval and ADRs
For its part, the Buenos Aires Stock Exchange ended a streak of five rises in a row. BYMA’s S&P Merval Index fell 0.7% to 154,108.76. The losses were led by the papers of YPF (3.9%), Cresud (2.4%) and Central Puerto (2%). The increases, for their part, were led by Transener (7.6%), Transportadora de Gas del Norte (3.9%), and Telecom (3.3%).
Meanwhile, the shares of Argentine companies listed on Wall Street closed with the majority of falls that reached 5.6% thanks to YPF. Mercado Libre (4.7%) and Central Puerto (3.8%) also fell sharply. Telecom (1.6%), Corporación América (0.7%) and Loma Negra (0.7%) were saved from the generalized losses.
For its part, the New York Stock Exchange closed lower after mixed results from large distributors, despite the fact that retail sales were sustained last month. Thus, the Dow Jones index fell 0.1%, the Nasdaq lost 1.5% and the S&P500 fell 0.8%.
Source: Ambito
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