In the United States, all three major New York indices closed lower as investors await the latest inflation data that could prompt the Federal Reserve to redouble its efforts to curb inflation. Traders see a 68.5% chance the Fed will raise rates 75 basis points in September, its third big hike in a row.
“It was a negative session on Wall Street, which weighed on domestic assets as traders remain vigilant for signs of a new economic drive”he assured Scope, Gustavo Ber. At the local level, the Treasury managed to extend to 2023 a total of $2 trillion from the maturities of August, September and October 2022, with a participation of 85% on the scheduled payments of eligible instruments.
The titles expire in August, September and October next. The Treasury offered three dual bonds maturing between June and September 2023, tied to the maximum variation between inflation (+2%) or the official devaluation, so the investor will receive the best result between both coverage options in pesos. The next tender will take place next Thursday, August 11.
This Tuesday, the Central Bank (BCRA) sold US$64 million to the market, with an energy demand approaching US$100 million. In this way, the monetary authority sold some US$1,194 million in the last 10 days in a row. As officially reported, the demand for energy imports is around US$600 million. In this context, Miguel Pesce said that it is expected to drop from US$2.2 billion in July to US$1.8 billion in August.
Finally, dollar-linked sovereign bonds halted the fall of the previous days and closed with a marginal rise of 0.3%, in which TV24 stood out, gaining 0.8%. Finally, “the debt with CER adjustment operated offered, since both the Leceres and the Bonceres lost an average of 0.3%”, informed the SBS Group.
Stocks and ADRs
Argentine companies listed on Wall Street fell to 9.8% at the hands of Edenor, while Cresud and Banco Macro also had heavy losses with 5.9%. Corporación América (+0.9%), and Tenaris (+0.8%) led the few rises of the day. For its part, The leading S&P Merval stock index fell 1.6% to 121,920.79 units, after advancing 2.4% the day before and against the strong jump of 38.5% in July.
In the leading panel, the main declines were for Transportadora de Gas del Norte (-4.8%), Transener (-4.7%), and Cresud (-4.6%). “The drop is in line with the losses of the main bank and energy ADRs due to accumulated profit taking”noted an operator.
Source: Ambito
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