The falls in Argentine papers in New York were led by Bioceres (-4.1%); BBVA bank (-3.8%), Telecom (-3.5%); and Grupo Financiero Galicia (-3.1%).
For its part, the S&P Merval stock index of Argentine Stock Exchanges and Markets (BYMA) lost 1.6%, to 90,629.89 points, highlighting the declines in the financial sector.
A Reuters poll showed a median of 5.8% for the consumer price index (CPI) for the third month of the year, above the 5.5% predicted among analysts in a survey by the Central Bank (BCRA).
“We see more factors that can make us worry, I think one of those is world inflation that continues to grow (…) Inflation is to be feared, and it would be more worrying if all this turned into a recession due to the increase in rates”said a financial analyst based in Buenos Aires.
To the expectation of the national cost of living, with an expected rate hike starting the following week, it is added that From the US, its inflation will be reported this Tuesday, which would support a more aggressive monetary stance by the Federal Reserve that would impact global markets.
Bonds and country risk
In fixed income, the main bonds in dollars closed with a majority of losses, with a country risk that rose 13 basic points, to 1,723 units, in response to greater global aversion.
The recent agreement between Argentina and the International Monetary Funds (IMF) to reschedule debt for some 45,000 million dollars was an extra oxygenation for the market, but doubts persist about the fulfillment of goals to be controlled quarterly.
In the week in which the inflation data in the country will be released, Inflation-linked securities in pesos closed in positive territory, with increases of up to 1.3%.
Source: Ambito
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