While, the Buenos Aires stock market rose due to opportunity purchases. The leading panel advanced 3.2% to 140,763.77 points, the biggest rise in 10 days, and after giving up a strong 7.04% in the previous three sessions. Among the papers that grew the most in the leading panel were YPF (+6.4%), Transener (+5.1%), and Pampa Energía (+4.9%).
the market goes up “Hand in hand with the firmness shown by the main ADRs, contrary to the unfavorable reaction of emerging markets aligned with the global climate of aversion and volatility”said the economist Gustavo Ber.
It should be noted that this day the United States consumer price index was known, which reached 8.2% in the 12 months to September, higher than the estimates of a Reuters poll that placed it at 8.1%, and after an increase of 8.3% in August.
On Friday, the inflation data measured by the INDEC will be published and the Central Bank analyzes a possible rate hike. Good news to highlight is that Argentina would be close to closing the renegotiation of the agreement with the Paris Club for the amount of US$2.4 billion at the end of October, according to Economy Minister Sergio Massa.
“The solution lies in a stabilization program”said a report from the Foundation for Latin American Economic Research (FIEL), although it estimated that “it does not seem likely that the Government will undertake this program. In fact, the probability will decrease the closer we get to the 2023 (presidential) elections” .
“On the other hand, it is possible that they will continue to try to bring the fiscal result closer to the goals agreed with the IMF, that they will point to a somewhat positive interest rate in real terms and that other multiple exchange rate versions and restrictions on imports appearyes That mix would do little to sustain the level of activity or reduce the rate of inflation appreciably,” he estimated.
“The ‘blue’ dollar goes up and down, and it is not something that is of concern to the Government”, affirmed in the morning Gabriela Cerruti, presidential spokesperson in her weekly press round. The Illegal dollar returned touched its highest value in almost two months. The informal dollar rose another $2 to close at $291 for sale. Meanwhile, the CCL closed at $313.72 and the MEP at $299.42. This Thursday the Qatar dollar began to be quoted, which weighs on consumption in dollars above US$300.
Bonds and country risk
In the fixed income segment, dollar sovereign bonds closed mixed. The increases were led by Global 2029 (+1.7%), and Bonar 2041 (+1%). The main drop was for Global 2041 (-2.2%). Thus, the country risk improved 0.7% at 2,850 basis points.
“Global bonds practically returned to minimums”said the settlement and clearing agent Neix, stating that “With the international dynamics already incorporated, at these parities these bonds are again attractive”.
Source: Ambito
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