On the contrary, the falls of up to 4.6% responded to Ternium, followed by Edenor (-1.9%) and Globant (-0.2%). It should be remembered that on Tuesday, Argentine shares on Wall Street fell as much as 8% due to the collapse of the New York Stock Exchange.
At the local level, the Buenos Aires bag gained ground this Wednesday based on renewed purchases between shares of the energy sector, which are used as a hedge against high inflation and the devaluation of the peso.
The S&P Merval index gained 2.7% and closed the day at 146,750.04 points after Monday’s all-time record of 147,135.35 intraday units. The shares of Transportadora de Gas del Sur rose 6.5% and those of Central Puerto gained 6%, while those of Banco Macro advanced 4.5%.
Inflation is still hot in Argentina and climbed to 7%, although it slowed down compared to July, when it hit the highest level in 20 years (7.4%). Meanwhile, in the last 12 months it accumulated an increase of 78.5%, the highest in three decades, according to the National Institute of Statistics and Censuses (INDEC) reported on Wednesday.
Furthermore, in the first eight months of the year, accumulated inflation reached 56.4%. In this framework, the operators They do not rule out that the Central Bank (BCRA) decides an increase in its reference rate to adapt to the escalation of inflation and the need to sterilize currency in the market.
“The ‘soybean dollar’ is a desperate measure to escape in the short term (without devaluing), which is not sustainable in the medium term and would have a (fiscal) cost of around 20%, although from a non-financial source and quite recurrent,” said Roberto Primer of Vate Research.
The Government expects to add some US$5,000 million to reserves in September, coming mainly from soy agro-exporters, to whom it recognizes 200 pesos for each dollar settled against the almost 143 of the official exchange rate.
“ There is a strong monetary expansion with the price differential for soybeans, which is going to translate into more inflation,” affirmed the economist Roberto Cachanosky in television statements.
The macroeconomic goals provided for in the agreement signed between the International Monetary Fund (IMF) and Argentina at the beginning of the year will continue unchanged, based on what was agreed this week between the Argentine Minister of Economy, Sergio Massa, and the managing director of the IMF, Kristalina Georgieva, after a meeting in Washington.
Bonds and country risk
In the fixed income segment, Sovereign bonds in dollars operated with most drops of up to 3.8% led by Global 2046, Bonar 2038 (-2.2%), and Global 2029 (-1.4%).
“After several days of apathy, the CER-adjusted debt assimilated the inflation data for August and gained 0.4% on average, with Bonceres standing out, which rose 0.7%,” said the SBS Group.
And he added: “Finally, the 2023 duals accompanied the rest of the debt in pesos and, operating with good volume, closed with profits of 1.3% on average in their three versions.”
In this context, the Argentine country risk measured by JPMorgan rose 0.9% or 20 units to 2,330 basic points.
Source: Ambito
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