The country risk of the bank JP. Morgan fell 3.5% at 2,646 basis points, minimum since the end of September and quite far from the almost 3,000 units touched at the end of July. “Assets tied to exports and linked to the exchange rate in the face of a potential devaluation acceleration were the most requested among institutional investorsin a short-term trend given the high risk that Latin America’s third largest economy represents,” Reuters said in its analysis.
A week ago it was known that September inflation was 6.2%according to INDEC, and in light of this, the central bank’s board (BCRA) kept its interest rate at 75% per year. The entity had not ruled out a modification to counteract inflation that would approach 100% this year, plus caution due to the fiscal deficit and the weak levels of liquid reserves.
Stocks and ADRs
The leading S&P Merval index on the Buenos Aires stock exchange gained 2.1% to 138,944.79, boosted by energy and financial stocksafter a 2% retraction in the previous three sessions. Thus, in the leading panel, the greatest increases were for Central Puerto (+3.5%), Telecom (+3.3%), and Cresud (+3%). The only two disdained were for Sociedad Comercial del Plata (-0.7%) and BYMA (-0.1%).
As for the Argentine companies listed on Wall Street, the end of the week had generalized increases. The ones that increased the most were Edenor (+4.2%), Cresud and Despegar with 3.9% and BBVA bank (+3.7%). The good performance was influenced by the upward closing of the main indices on Wall Street. The Dow Jones gained 2.5%, the S&P 500 added 2.4%, and the Nasdaq 2.3%.
Source: Ambito
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