In the midst of the visit of the CEO of JP Morgan to Argentina, the securities operate negatively in the week before the elections.
The ADRs and the dollar bonds deepen their declines this Wednesday, days before the legislative elections on Sunday the 26th, this time without any message from the US Secretary of the Treasury Scott Bessent. In this context, sovereign bonds yield up to 1.5% in Wall Street headed by Global 2035. Thus, the country risk once again operates above 1,000 basis points.
At the local level, sovereign securities in dollars are trading with generalized declinesin a context where the Dollar Cashed with Settlement (CCL) climbs 0.5% to $1,615.85. From Max Capital They highlighted that this pressure on exchange rates “it seems to originate from the coverage of positions by the Argentines” prior to the elections, and not so much for a speculative matter.
This Wednesday, the Government of Javier Milei had a new internal shock after the chancellor Gerardo Werthein will present his resignation from his position amid tensions over changes in the Cabinetwhich would be announced on Monday the 27th after knowing the results of the polls.
In this regard, the economist Christian Butler pointed to Scope that The prices of local assets are a sign of the uncertainty that prevails in the marketdespite the fact that the Government made a series of announcements, such as the swap with the US and the repurchase of bonds, which in theory were going to be well received by operators.
In reference to Werthein’s resignation, he understands that This type of news “does not help” the current financial panoramabut what It is not one of the main factors for the weakness of Argentine papers and titles.
ADRs and S&P Merval
Among variable income, ADRs they fall up to 2.6% in New York thanks to Supervielle Groupfollowed by Edenor (-2.2%) and Cresud (-2.2%). On the other hand, actions like Bioeceres they rise up to 13.3%.
He S&P Merval It fell 0.3% to 1,997,807.020 points, while its counterpart in dollars also fell 0.3% to 1,236.38 points. Despite the slight decline, the shares operate mixed: Aluar earns 1.7%; Financial Group Galicia rises 1.5%. In contrast, Supervielle Group falls 1.7% and Cresud 1.5%.
Source: Ambito
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