The Minister of Economy promised to attack the high inflation projected at 90% by 2022, the growing fiscal deficit, reinforce the reserves of the central bank (BCRA) and reactivate trade. Faced with the complex panorama, the market shows a notorious selectivity in segmentation of operations and volumes operated.
S&P Merval and ADRs
The S&P Merval It operates with a positive trend up to 2.3%, after advancing 0.94% in the previous session. The Merval in dollars, however, falls 1.5%.
On Wall Street, Argentine papers increase up to 4% led by YPF, followed by Tenaris (3%), Transportadora Gas del Sur (2.1%) and Pampa Energía (1.9%). The setbacks belong to Banco Superville (-5%), Edenor (-2.3%) and Mercado Libre (-1.5%).
“In view of the ‘new’ attitude of the BCRA -raising rates faster and faster- and the financing needs of Finance, We continue to maintain the recommendation to position ourselves in short instruments, preferably those that accrue ‘carry’ CER (inflation)”said the settlement and clearing agent Neix.
The head of the Treasury will travel to the United States in the first days of September to hold various meetings, the Argentine ambassador in Washington, Jorge Argüello, said on Thursday.
“In the first days of September, we are going to receive the visit of the new economy minister, Sergio Massa, who is going to have meetings not only with the IMF, but also with authorities from the Treasury, the White House, multinational banks,” Argüello said in a speech at the Council of the Americas in Buenos Aires.
Source: Ambito
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