This happens in tune with the US stocks down after some weak earnings reportswith growth stocks under pressure in a week that saw yields rise in bonds due to expectations of increases in rates of interest.
Both the industrial Dow Jones, as well as the technological Nasdaq and the S&P 500 lose more than 2%. European markets were not spared, with the French CAC 40 closing down 2% and the pan-European STOXX 600 index shedding 1.8% to 453.43 points, its lowest level since March 25.
US Federal Reserve (Fed) Chairman Jerome Powell said Thursday that a half-point rate hike will be “on the table” at the May meeting.while officials from the European Central Bank (ECB) signaled that rates in the euro zone could start to rise in July and the Bank of England’s Catherine Mann indicated that the cost of borrowing is likely to rise further.
For its part, The S&P Merval stock index of Argentine Stock Exchanges and Markets (BYMA) improved 0.3%, to 91,785.30 pointsafter losing 1.15% in the previous session.
The main increases were for Banco Supervielle (+3.1%), BYMA (-2.7%), and Transportadora Gas del Norte (+2.2%). The greatest decreases corresponded to Cablevisión (-1.3%), Loma Negra (-1.3%) and Cresud (-1%).
At the local level, the political tensions in the Government of Alberto Fernández and doubts about the economic future, despite a recent agreement with the International Monetary Fund (IMF), weigh on the mood of investors, operators agree.
Bonds and country risk
For its part, Argentine bonds in dollars fall to almost 3% thanks to Bonar 2029; The Global 2038 (-2.6%), and the Bonar 2038 (-2.4%) also fell sharply. The country risk measured by JP Morgan rises 0.5% to 1,730 basis points.
Regarding the segment of fixed income in pesos, CER-adjusted bonds trade mixed. The ones that rose the most were PARP and PR13 with 0.5% and the one that fell the most was TC23 with 1.7%.
Source: Ambito
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