Serge Massa seeks to show vital signs for the reduction of the fiscal deficit and comply with what was agreed with the International Monetary Fund (IMF), in the face of a key September due to debt maturities and the review of the macro by the credit institution.
“The prospects of greater fiscal adjustment, a favorable external environment for the region’s assets together with a possible financing request in October for 1,300 million dollars for a new long-term credit line from the IMF seem to have boosted the prices“, said the consultancy Delphos Investment.
He added that “the IMF credit line would start operations at the end of this year and will help low- and middle-income countries to solve long-term challenges such as climate change, digitalization and future pandemics.”
Argentina is considering requesting an IMF loan under its new Resilience and Sustainability Fund (FRS), designed to help countries ensure sustainable growtha source with direct knowledge of the matter told Reuters.
Massa will travel to the United States the week of September 6 as his first trip abroad as a minister, to visit Washington and Houston where he will hold meetings with the IMF and businessmen, according to his previous agenda.
“Sovereigns in dollars continue to enjoy their weekly summer, accumulating another wheel with increases (…) the ‘Bonares’ (bond) curve is the one with the greatest momentum compared to ‘Globals'”, explained the settlement and clearing agent Cohen.
S&P Merval and ADRs
In the external context, investors await signals on the future of US interest rates from the president of the United States Federal Reserve, Jerome Powellat the Jackson Hole symposium on Friday and the main indices continue to rise up to 1%.
The Argentine papers listed on wall street are favored and rise up to 6.2% led by the financial sector led by Banco Superville, Banco BBVA (+3.8%), Banco Macro (+3.3%) and Grupo Financiero Galicia (+2.9 %). YPF also remains bullish with 4.4%.
The decreases, on the other hand, are led by Pampa Energía (-1.6%), Edenor (-0.6%) and Despegar (-0.6%).
The port bag, It operates at historical highs and rises 0.8% to 141,371.67 points. The merval in dollars, however, fell more than 1%. Once again the firmness of the ADRs on Wall Street were the support in the stock market rhythm.
Source: Ambito
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