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Saturday, April 1, 2023

Bonds cut bearish streak (the Merval fell)

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On Wall Street, for its part, the papers of Argentine companies closed mixed, with increases led by Cresud (2.8%), Edenor (2.4%) and Mercado Libre (1.7%). In turn, among the most notable losses of the day were the assets of Loma Negra (3.4%), Vista (2.9%) and BBVA (1.5%).

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“The deterioration in the local ‘fundamentals’ and a more demanding international context for emerging markets” complicates the market, Cohen warned. The prospects “are worrying, because the harvest projections continue to worsen due to the lack of rain, and the government does not have much room to push imports without further cooling the economy,” said Isaías Marini, from Econviews. “With a BCRA without reserves, we believe that the government will end up adjusting the stocks even more and implementing temporary exchange schemes such as the soybean dollar,” he said.

In the last part of the session, the minutes of the last meeting of the US Federal Reserve were released, in which it anticipates more rate hikes and does not rule out accelerating the pace.

In the fixed income segment, dollar-denominated sovereign bonds stopped the negative streak and rebounded to more than 5% on the local stock market, hand in hand with Bonar 2038 (5.2%), Bonar 2035 (4.7% ) and Bonar 2041 (4.7%). On the other hand, the Global 2046 (3.3%) and the Bonar 2041 (2.8%) fell. Thus, the Argentine country risk fell 4.3% to 2,086 basis points.

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Source: Ambito

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