For its part, the S&P Merval index fell 1.7% and it was located in 100,518.41 units in the Buenos Aires market.
In the leading panel of the Buenos Aires stock market, meanwhile, the papers of the companies closed with a majority of casualties; in that sense, Telecom Argentina (-4.9%), Ternium (-4.5%), and Cresud (-3.4%) led the losseswhile BYMA (+5.4) and Central Puerto (+1.7) led the increases.
“Local assets have no choice but to deepen the punishments in the valuations since the search for refuge prevails among investors,” said Gustavo Ber, an economist at Estudio Ber.
At the local level, it was known this Thursday that inflation accelerated slightly in June to 5.3% compared to May, and in the last 12 months it accumulated an increase of 64%, the highest in three decades, as reported this Thursday by the National Institute of Statistics and Censuses (INDEC). Also, in the first semester, accumulated inflation reached 36.2%.
Internationally, the 9.1% annual rise in US prices in June reached its highest level in four decades, reinforcing speculation that the Federal Reserve will raise interest rates by 75 basis points this month. “The yield curve of the United States Treasury bonds was inverted, this indicates that the market is seeing a greater probability of a recession”said Eduardo Herrera, executive president of IEB Fondos.
In turn, in order to preserve the scant reserves of the BCRA The Government raised the tax applied to purchases made in foreign currency by citizens abroad with credit and debit cards the day before. In this context, the parallel dollar climbed another $6 on the day to touch $289, the financial dollar resumed its upward march, with the CCL at almost $294, and the new price of the tourist dollar that stood at $236.62.
The fall of the Merval, “It has to do more than anything with what is happening in the international context”said Herrera and added that “in a scenario like the one we are seeing both locally and abroad, it will be difficult in the short term for a recovery.”
This day $6,071 million were traded in variable income, of which 16% corresponded to shares of Argentine companies with $1,004 millionand 83% to Cedears with $5,063 million.
Bonds and country risk
Sovereign bonds in dollars traded with a majority of declines. The greatest decreases were registered by the Global 2029 and the Bonar 2029 with 1.2%. Subsequently, the one that fell the most was the Bonar 2035 (-1.1%).
The country risk prepared by the JP bank. Morgan rose 1% to 2,756 basis pointsbut earlier in the day it reached an all-time high, since the 2020 debt swap, of 2,769 basis points.
For its part, the SBS Group in its daily report assured that the “dollar-linked sovereign bonds were takers throughout the curve, especially in the short section that rose 2%”. Finally, CER-adjusted debt traded mixed, with short Leceres and Bonceres rising 0.7%, while the middle tranche fell 3%.
Source: Ambito
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