The agreement with the IMF generated fresh air in the markets due to the arrival of new reserves for the Central Bank, although investors remain in doubt regarding the Government’s ability to meet the fiscal, monetary and foreign exchange accumulation objectives set in the understanding.
“The IMF sees the same thing as everyone: an agreement that even light will not be easy to fulfill given the local macro deterioration, where on top of that the increase in the cost of energy due to the war in Ukraine ‘runs the bow’ to the effort to reduce subsidies (to energy),” said Roberto Geretto of Fundcorp.
For his part, the economist Gustavo Ber expressed that “the political noise within the ruling coalition raises concerns regarding its implications in the management of the government and the fulfillment of the goals set with the agency. This is due to the fact that the fiscal strategies and monetary policies will have associated political costs, and in this sense, the advancement of the electoral calendar towards next year could further complicate the commitment and the ‘delivery’.
The papers of energy companies also lead the rises among the ADRs listed in New York, on a day in which the price of oil rebounded globally.
At the international level, the main indices of the US stock market showed a negative trend due to the possibility that a rapid rise in interest rates would damage the US economy at the same time that optimism for the negotiations between Ukraine and Russia faded.
In the meantime, the bonds in dollars registered the majority of rises for the fifth consecutive day, highlighting on this day the increase in the price of the Bonar AL29 (1.9%). In this framework, the Argentine country risk remained stable in the area of 1,730 basic points.
Parallel, Among securities in local currency, those indexed to the Reference Stabilization Coefficient (CER) stood out again.in a context in which an average price increase of more than 5% is expected in March.
“March closes with a strong inflation of between 5.5% and 6%, with food above the average, which projects a floor price rise of 60% by 2022,” said Marina Dal Poggetto, an economist at the consulting firm Eco Go.
In this framework, in the third month of the year, 80% of the net financing in pesos obtained by the Ministry of Economy was given in instruments adjustable to price increases.
Source: Ambito
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