On Wall Street, the ADRs of Argentine companies marked majority of profitson a day in which Tenaris led that lot with an increase of 8.7%. The papers of Pampa Energía (+5.6%); and Cresud (+4.7%).
For its part, in the local stock market, the BYMA’s S&P Merval index shoots up 4.8% to 99,661.37 points.
the papers of BYMA and Grupo Financiero Valores recorded increases of 12.8% and 6.9%, in that order, in the leading panel of the Buenos Aires stock market.
Uncertainty deepened over the weekend with the untimely resignation of the then Minister of Economy Martín Guzmán and the urgent appointment of the heterodox Silvina Batakis, in the midst of growing inflation and devaluation of the peso.
“It is a time of turbulence” for the markets, said the economist Ricardo Delgado, to which his colleague Rodrigo Álvarez ratified that “the facts go faster than the official reaction”.
The new minister must commit to the program signed with the International Monetary Fund (IMF) so that the Paris Club opens talks on the South American country’s debta group source said on Thursday.
batakis told IMF officials the day before that supports the goals of a $44 billion program recently refinanced, and that it will work with the lender, said the entity’s managing director, Kristalina Georgieva.
Argentina must meet quarterly goals before the Funds, while fighting against the internal rise in prices, economic slowdown and exchange pressures that complicate the role of the Central Bank (BCRA) for the accumulation of reserves, which led to recent restrictions on the import sector .
In the fixed income segment, the dollar bonds rallied to almost 5%with the leadership of Bonar 2029 (+4.9%), after touching parities at historical lows.
In that framework, the risk country prepared by the bank JP.Morgan it yielded 2.6%, up to 2,610 pointsafter climbing on Wednesday to its intraday record of 2,728 unitsfar from the 1,083 points of 2020 when the indicator was restarted after a millionaire private debt swap.
“Attention (now) will turn to the central bank survey out on Friday. In particular, the focus will be on the dynamics of inflation expectations after the recent pressure seen in inflation-linked bonds,” they said from Balanz.
Source: Ambito
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