The Argentine assets that come from several days with high volatility, now an extra data is added, what will happen with the reference rate of the United States Fed.
Local variable income rises in tune with global markets after key definitions on Fed, This happens, however, within the framework of a week with high volatility in the global market product of the high interest rates and the modifications that the Central Bank made about the lace that weighs on the banks.
The president of the Federal Reserve of the United States (Fed), Jerome Powellhe raised during his inaugural speech in Jackson Holethe possibility of a cut in interest rates in September, due to the “changing risks” in the US economy. However, it emphasized the low unemployment level, despite the bad data of the labor market in July.
Within that framework, the S&P Merval It rises 1.6% to 2,136,26,030 basic points. The leading actions that rise most are Macro Bank (+3.8%), Supervielle Group (+2.9%). Among the ADRSmeanwhile, the ones that go up the most are Cresud and Pampa Energy with 2.3% and 1.6%, respectively.
As for fixed income, the dollar bonds that started operating downward in the foreign square, rise up to 1.7% of the hand of the Global 2041and the Global 2035 (+1.2%), and the Global 2038 (+1.2%).
Strong demand in Lecaps
On the previous day, Bonds in dollars fell again While noticing the wheel closure a strong demand for Lecaps, so in the market they warned an alleged official intervention to lower rates.
All this happened after the opposition managed to cancel the veto to the emergency in disability and approve the distribution of ATN, although The ruling could shield the increase in retirement.
As for the instruments in pesos, The note was given by the LECAPS and the Boncaps, which towards the end of the wheel exhibited strong increases in their contributions. PPI said that “Everything would seem to indicate that the Central Bank (BCRA) would have intervened to support the fixed rate bonds in pesosgenerating strong pressure especially the long stretch of the curve. “
“It was another day of absolute bleeding for the curve pesos, until At about 3:00 p.m. a very strong player appeared on the S10N5 LECAPwhich paid a high price outside the curve (approximately 3.80% of the monthly effective rate) when similar instruments were 4.20%, “they added from investing in the stock market.
“As a result, we also began to see a lot of volume in the Boncaps T13F6 for example and the curve began to get green. The doubt that arises is: Was it the Central Bank (BCRA) or the Treasury with the weights it has in the BCRA who went out to pay?“They said.
Source: Ambito
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