The sovereign bonds in dollars rose up to 6.5% thanks to the Bonar 2035, Bonar 2041 (4.7%) and Global 2030 (4.4%). In that context, the risk country measured by JP Morgan fell 26 units to 2,665 basis pointsafter marking an intraday value of 2,777, maximum in two months.
“Dollar sovereign bonds received an international shock that revived them after yesterday’s painful drop, the same crash that led the LA30 to get back into the range of 18 to 19 dollars. But today they returned to live in the company of the rest of the local and international assets and a considerable drop in the rate curve of this last market”, he analyzed javier ravadirector of Rava Bursátil.
And he added: “Although the bonds tend to focus mainly on local variables, the international effect that yesterday put them in check again, today offers them a better climate and purges the maximum concerns.”
Financial attention revolves around the final days of a special regime for soybean exporters to sell merchandise at an exchange rate of $200 per dollar, to reinforce the hit reserves of the Central Bank (BCRA).
Lower US Treasury yields and the announcement of bond purchases by the British Central Bank slightly allayed concerns about a global recession, although the strength of the dollar affects benchmark markets.
“Beyond this, the difficult external environment hurts bonds, affected by fears of a global recession due to the Fed’s aggressive interest rate hike to control (US) inflation,” Research for Trades said. .
The Minister of Economy, Serge Massadefended the 2023 budget project in Congress, an opportunity in which he argued that the Government is seeking before the Paris Club “extend terms, reduce the interest rate and ease payments” of the country before that body.
By the end of the first week of October, the board of the International Monetary Fund (IMF) is expected to approve the review of the agreement with Argentina for the second quarter of the year, to unlock a disbursement of almost 4,000 million dollars.
Market agents speculate that the Government is working on the implementation of an upcoming “Stabilization Plan” for the economy, at a time when annualized inflation climbs to almost 100%.
This Wednesday, it was also known that the risk rating agency Moodys decided to maintain the “Ca” note for Argentine sovereign bonds in local and foreign currency, as well as its “stable” outlook, reported today in a statement.
S&P Merval and ADRs
The S&P Mervalfor its part, rose 1.88% to 138,023.36 points, after losing 1.93% the day before and accumulating a drop of 9.37% in three consecutive sessions. So far this year, the leading panel accumulates an improvement of 64%, compared to slightly lower inflation in the same period.
Among the actions that best performed in the wheel are those of Edenor (+8%); Transener (+6%) and Transportadora de Gas del Sur (+4.5%). Meanwhile, the losses were recorded by Banco Macro (-0.5%); Mirgor (-0.3%) and Aluar (-0.2%).
Likewise, Argentine stocks operating on Wall Street jumped up to 8%, driven by Edenor (+8%); Free Market (+7.5%) and Tenaris (+5.1%).
“The international rises extended from beginning to end to the Argentine market. In the case of shares, the optimistic climate recovers positions and exposes the entire list of ADRs with favorable variations and in dollars, as well as with shares directly listed in New York and with factors and dynamics mostly linked to abroad,” Rava said.
Source: Ambito
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