Merval and ADRs
BYMA’s S&P Merval rose 0.4% to 141,666.99 points, against a 2.7% rise on Wednesday. Wall Street rises up to 0.5% although at the beginning of the day it fell after statements by Jerome Powell anticipating a greater rise in rates to attack inflation.
The ADRs of Argentine companies on the New York Stock Exchange operated unevenly, with increases of up to 4.6% led by Globant, and decreases of up to 2.9% in the case of Cresud.
At the local level, investors remain optimistic since in the last two financial days, the BCRA added some 440 million dollars for the liquidation of soybean exporters, after the government’s decision to give it an improved exchange rate.
The central bank (BCRA) reinforces reserves thanks to the liquidation of dollars from soybean exporters, who are tempted during September to an improved parity in the exchange rate against the official price.
The exporting cereal entities that represent 48% of the item in the country said that their companies liquidated a total of 1,075 million dollars in the last 72 hours, exceeding the planned objective. The commitment with the Government is to sell the equivalent of about 5,000 million in the month.
In the same period, the monetary authority added some 440 million dollars to its reserves, as a result of the exchange intervention in the face of import demand within a harsh stocks in force.
“Taking the current prices of Rosario and Chicago, the new exchange rate for the settlement of soybeans implies having withholdings practically at 0%”said the settlement and clearing agent Neix.
He added that “considering the international situation of demand together with the trend of higher rate hikes, we believe that it is attractive to liquidate the soybean harvest during September.”
Operators expect the BCRA to increase its reference rate to sterilize the prevailing liquidity due to the decision in favor of soybeans, in line with what was advanced to Reuters by a source with knowledge of the matter.
In Washington, the Minister of Economy, Sergio Massa, begins his third day of official visit to the United States, with an agenda together with energy businessmen and prior to his meeting with the head of the International Monetary Fund (IMF).
On Wednesday, the World Bank approved a loan of 900 million dollars for the South American country for the next six months, which will be added to the 1.1 billion dollars approved this year, the entity said in a statement.
Source: Ambito
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