The global stock markets show mixed movements maintaining a cautious environment, after knowing a modest economic agenda in Asia and Europe.
Investors remain attentive to the next OPEC decision, which could increase oil production to compensate for the cut in Russian crude oil imports, regardless of the global inflationary pressure that encourages successive rises in interest rates.
Bonds in dollars and pesos
On Wednesday, CER-indexed bonds tighten again and compress the rate across the entire curve. Although inflationary concerns are high, it is possible that expectations about the stretch of the current presidential term have overreacted, driving several bonds due in 2023 to neutral yields + Cer, perhaps expecting a reduction in expected inflation. A similar dynamic occurs in the Dollar Linked maturing until 2023.
Finally, bonds in dollars also fell, albeit slightly. The reference bonds AL30D and GD30D closed with negative variations of only 0.03% and 0.10%, although the most significant remains the ratio between local and foreign legislation, higher than 14%, which exposes the clear choice by the global due to greater legal certainty in the face of adverse events.
Meanwhile, the first virtual review by the International Monetary Fund (IMF) is progressing on the commitments assumed by Argentina in the new agreement signed in early March, which includes reducing inflation, lowering the fiscal deficit and reducing subsidies, among other points. .
The current reserves tend to complicate the fulfillment of one of the goals before the IMF. The recent agreement with the credit organization for a debt of some 44,000 million dollars set as a goal for the end of June an increase of 4,100 million dollars in the net international reserves of the local monetary entity.
Source: Ambito
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