In the local market, which was attentive to the first operations of the soybean dollar, the S&P Merval fell to the beat of fears due to investor appetite. The leading index lost 0.7% to 137,309.26 points.
Massa, and the president of the Inter-American Development Bank (IDB), Mauricio Claver-Carone, announced this Tuesday in Washington after the closing of the markets that they managed to unlock credits from that organization for almost 3,000 million dollars for Argentina until the end of year, of which 1,200 million dollars will be allocated to strengthening the reserves of the Central Bank.
In a press conference, Massa said that “Freely available operations are not only confirmed but will be larger than expected and secondly, the confirmation of portfolios by the end of the year and the launch of portfolio discussions for the year 2023.”
The credit scheme includes loans for 1,200 million dollars to strengthen reserves, of which 500 million dollars will be disbursed on September 30 and the rest on December 30 of the current year.
The package includes loan programs to be signed and approved before the end of the year for 1,933 million dollars. While by 2023, the agency plans to issue new loans for 1,800 million dollars.
Massa This Tuesday he held the first of his activities in Washington, where he met with Ricardo ZunigaUndersecretary for Western Hemisphere Affairs of the Department of State and Special Envoy for the Northern Triangle, as part of the tour of the United States that is allowing him to meet businessmen, investors and officials from the Joe Biden administration and the IMF.
He also held a working meeting with Jack Rosen, President of the American Jewish Congress. Massa, accompanied by the Secretary of Economic Policy, Gabriel Rubinstein, spoke with Rosen about investment opportunities in Argentina in the fields of technology, mining and energy.
The Minister met this afternoon with the Director of Political Affairs of the Amazon Group, Arrow Augerot, and with him AWS Southern Cone Manager, Juan Pablo Estévez, with whom he agreed on the importance of advancing in investments linked to the knowledge economy, in which the directors expressed their support for the Argentina Programa 4.0 plan.
Massa also held a meeting with the directors of Volkswagen, who ratified investments of 250 million dollars in the coming years.
On Wall Street, on the other hand, the main indices closed lower, in the first session after the Labor Day holiday and the US summer vacation, as traders evaluated new economic data in a volatile session.
A survey by the Institute of Management and Supply (ISM) showed that the US services sector rebounded in August, for the second consecutive month, due to growth in orders and employment, while bottlenecks and price pressures eased. However, figures from S&P Global showed that the services sector Purchasing Managers’ Index fell short of preliminary estimates for August.
A stronger-than-expected reading from the US Services ISM supported expectations that The Federal Reserve continues to raise interest rates to control inflation.
Stocks sensitive to rates Amazon.com and Microsoft fell about 1% because benchmark US Treasury yields rose to their highest levels since June. Manzana, which will launch new iPhones next Wednesday, also lost ground.
Thus, the S&P 500 lost 0.4% to 3,910.16 points, while the Nasdaq fell 0.7% to 11,545.92. The Dow Jones Industrial Average fell 0.5% to 31,155.72.
In the fixed income segment, on the other hand, Argentine titles climbed to almost 3% in the US, thanks to Global 2030, after inactivity the day before due to a partial holiday in the US market, which led the Argentine country risk to fall sharply and pierce 2,400 points (it yielded 49 units, at 2,378 basic points).
“We are struck by the strength of the short part of the curve. On several occasions we have highlighted the lack of ‘carry’ in the shorter instruments, where their main value lies in the probability of collecting capital in the year 2025 (today in day is remote)”, commented from PPI, whose analysts weigh the Global 2035 within the new indenture bonds.
On the other hand, in the local market, the bonds closed with losses of up to 4%. The largest declines were noted by the Global 2041 (-4%), Global 2038 (-3.2%) and Global 2030 (-1.1%). The only raise was for him. Bonar 2038 (+0.2%).
Is the rally in pesos over? The appetite for duration in local debt eased this Tuesday, and there were widespread declines in instruments from 2023 onwards. With the exception of TX24 (+0.4%), those adjusted for inflation closed with reds of up to 1.6%.
Source: Ambito
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