Global securities rebound and selective purchases are observed in the stock market. The momentum comes after Scott Bessent’s tweet and bond buyback announcement.
The dollar bonds They extend their rebound this Tuesday. Global securities are trading with slight increases, which build on the rebound they experienced near the close of trading on Monday, after the Secretary of Finance, Pablo Quirnowill announce the start of negotiations for repurchase debt sovereign.
The increases in dollar titles are led by Global 2030, Global 2035 and Global 2041 up to 0.8%, while Global 2046 and 29 follow at 0.6%. Thus, the country risk measured by JP Morgan remains above 1,000 basis points.
Portfolio dollarization continues to dominate the financial market scene Argentina as a prelude to the legislative elections next Sunday, where the Government will seek to add seats in Congress in the face of the current minority in both chambers.
The “explicit support of the government of USA served to calm the markets and temporarily remove doubts about the sustainability of the economic program, but the progress of economic activity seems to have been linked to the electoral result that the Government obtains in October,” reported the consulting firm Orlando Ferreres & Asociados.
Argentina announced the day before that it began negotiations to develop a sovereign debt buyback aimed at reducing the country’s financing cost and strengthening investment in education. This operation “is part of the swaps called ‘Debt for Development’, which may be focused on Health, Nature, Climate, Education or other Development objectives of the countries.
They are swaps that aim to free up countries’ fiscal resources in exchange for debtor countries’ commitments to invest. in some of the aforementioned areas,” said consulting firm 1816.
Meanwhile, A group of American banks, including JP.Morgan Chase, Bank of America and Goldman Sachs, seek guarantees and endorsements to set up a relief fund between private parties to lend another US$20 billion to the southern country, the Wall Street Journal reported based on people familiar with the matter.
S&P Merval and ADRs
On the Buenos Aires Stock Exchange, the leading index S&P Merval moves with a slight increase of 0.2% through selective purchases amid the notorious prudence of institutional investors.
Meanwhile, ADRs operate with a majority of increases of up to 1.8% led by Banco Macro.
Source: Ambito
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