On Monday, the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, said that the organization values the “initial efforts” of the new Minister of Economy, Silvina Batakis, in strengthening the fiscal sustainability of the country. Batakis meets this Tuesday with executives from multinational companies and investment funds. “There was little news since Batakis’ trip to Washington.“, assured Portfolio Personal Inversiones and pointed out that “the incredulous market seeks concrete measures from the Government rather than signals.”
Affected by the expectant climate for the Fed, the Argentine papers that trade in wall street operate disparate, with falls led by Despegar (-4%); Free Market (-3.2%) and Globant (-2.2%). Among the main rises of the day, on the contrary, appeared the ADR’s of Cresud (2%), Grupo Financiero Galicia (2.1%) and Banco Macro (2%).
Bonds and country risk
In the fixed-income segment, sovereign bonds in dollars did not stop the falls and lost up to 2%, led by the global bonds GD41 and GD35 (-1.9%). The only two raises respond to GD38 (0.6%) and AL29 (0.2%). While, the bonds in pesos fall up to 2% led by the global 2039, followed by the Global 2030 (-1.1%) and the Bonar 2029 (-0.9%). The Global 2041 (0.7%) and the Bonar 2035 (0.2%) rise. Bonds remain influenced by dollarized issues as those adjusted for inflation hold some interest, traders said.
“Domestic assets continue to be conditioned by political noise and economic uncertainty, which are deepening the prevailing climate of distrust,” added Gustavo Ber from Estudio Ber.
In this way, the country risk prepared by the JP. Morgan bank drops two units to 2,903 points, after marking a historical maximum level of 2,976 units the day before.
Source: Ambito
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