In this framework, the Argentine companies listed on Wall Street closed widespread increases, in line with a greater appetite for risk in emerging markets. They led the climbs Grupo Supervielle (+7.7%), Transportadora de Gas del Sur (+6%); and IRSA (+5.2%).
In the local stock market, meanwhile, the leading S&P Merval index rose 1.2%, to 121,895.27 units, in a selective context of operations.
“The urgency of the underlying macroeconomic problems will not dissipate in the short term, and if the market does not corroborate the execution of the fiscal signals, the tension would return to the center of the scene”, estimated Personal Portfolio Investments (PPI).
Obligations to pay for fuel and energy expenses determined that the central bank (BCRA) will part this week with some 700 million dollars from its coffers, commented operators. The Government is betting on a sharp reduction in spending on energy imports in the latter part of the year.
For his part, Massa said that he had already held talks with the IMF, with whom the country renegotiated a credit program of some 44,000 million dollars.
Bonds and country risk
In the debt market, dollar bonds rebounded after four losses in a row, and in some cases climbed as much as 3.8% (Global 2041).
“This novel situation of Argentine bonds coupled to an international rebound will be put to the test in the coming days, when the practical measures taken by the new economic team and their real impact on the deteriorated Argentine fiscal and exchange variables become known,” said Delphos Investment.
Thus, the country risk measured by the JP. Morgan bank fell 1.6% to 2,419 units, after four consecutive rises.
Source: Ambito
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