“Batakis’s first measures together with a truce in the ruling party seem to have brought some calm, but in the medium term continuing the same macroeconomic course is no longer an option to avoid the further deterioration of the economy,” said Roberto Geretto of Fundcorp.
Local sovereign bonds operate with an improvement of 1.3% due to speculative purchases after recent declines, at a time when their yields reach 45% in dollars. Market operators comment that the bonds in pesos show greater firmness in the face of lukewarm interest on the series that adjust for inflation. In this sense, the majority of increases are led by the Bonar 2030 (1.3%) followed by the Bonar 2041 (0.9%) and the Global 2030 (0.7%). On the contrary, the Global 2035 and the Bonar 2038 fell -1.4% and -0.1% respectively.
For its part, “sovereign bonds in foreign currency continue without firm demand at default prices,” said an operator and they operate disparately. The increases are headed by the AL30 (1.5%) followed by the GD41 and the GD30 with 1.3%. The losses respond to GD46 (-1.5%), AL29 (-1.3%) and GD29 (-0.4%).
S&P Merval and ADRs
In this context, the Buenos Aires stock market begins the week on the rise encouraged by a better external climate and shots of local coverage.
The S&P Merval stock index in Buenos Aires rises 1.7% to 106,004.49 points, driven by the trend of New York-listed ADRs. Last week the leading indicator fell 1.54%, increasing the loss to 2.03% measured in dollars at the implicit exchange rate.
On Wall Street, Argentine papers operate with general rises of up to 9.3% led by Edenor (9.3%), followed by Globant (7%), Banco Francés (6.1%) and Banco Macro (4.9 %).
“Risk appetite is back. The US Federal Reserve is expected to have no need to continue raising interest rates at too fast a pace and that increases optimism in equity markets,” said Alexander Londoño of ActivTrades.
Source: Ambito
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