However, the rises in Argentine papers listed on the New York Stock Exchange were led by banks, in the face of a strong rise in its US peers. Thus, the progress of Supervielle Group (+7.2%), BBVA (+4.7%); Macro Bank (+3.8%); and Grupo Financiero Galicia (+3.1%).
In addition, Cresud’s assets rose sharply (+6.7%); Telecoms (+5.5%); and YPF (+3.7%).
At a global level, the markets improved before a possible agreement between the US and China on tariffs, although inflationary concerns continue, in a week where the minutes of the last meeting of the US Federal Reserve will be known.
Thus, the S&P Merval stock index gained 2.5%, to 90,344.05 points, led by the improvement of local ADRs listed in New York.
The salient event of the day at the local level was the resignation of the Secretary of Domestic Trade, Roberto Feletti, before discrepancies on the policy to contain prices arranged by the Government, after its direct dependence on the Minister of Economy Martín Guzmán. His place will be taken by Guillermo Hang, who has worked in different areas of the Ministry of Economy from 2008 to 2015. Since the beginning of the current government’s term, he has been a member of the Central Bank’s board of directors.
Bonds and country risk
Regarding fixed income, securities denominated in dollars began the week with firm increases, up to almost 5%, due to opportunity purchases.
Advances in hard currency securities were led by the Global 2038 (+4.9%); Global 2029 (+3.1%); and Global 2041 (+2.7%). Among the Bonares, 2029 stood out (+2.2%).
Thus, the country risk measured by the JP.Morgan scored its biggest daily drop in two months, losing 2% to 1,912 units.
In the weight segment, CER-adjusted bonds (follow the evolution of inflation) closed with most losses, which in some cases reached -1.2% (TC23).
Source: Ambito
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