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Sunday, December 4, 2022

S&P Merval Soared Nearly 4%; Argentine shares on Wall Street flew up to 6.4% thanks to YPF

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The Merval is the one that has risen the most in the region (…) even after having broken above 145,000 points, a level that could act as support, although in the short term a downward trend remains“, said Alexander Londoño, an analyst at ActivTrades.

this day, The National Government announced an agreement with supermarkets and suppliers of mass consumption goods to keep the values ​​of some 1,700 products fixed or with regulated increases. Gabriel Rubinstein, secretary of Economic Programming, maintained that the price program “It is a very good tool to try to slow down inflationary inertia towards 4% per month in the coming months.”

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Argentina obtained on the eve a 61% adherence to a public bond exchange that will allow it to reduce to 931,000 million pesos (about US$5,800 million) the maturities scheduled for November and Decembera move that will give a break to the battered finances of the country.

A report by Balanz Research indicated that “As a result of the exchange, the government will have a great challenge regarding the local debt in pesos by 2023”. Of the total, 41% adjust their capital by CER and 46% are Dual, which will adjust their capital by the greater evolution between the CER index and the official exchange rate. Similarly, the public sector owns the largest number of these instruments since they were the main participants in the swaps offered by the new economic team.

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“It seems that the objective of the exchange is focused on creating positive expectations around the local debt market in pesos via: reduction of short-term maturities, signs of a market that continues to grant financing at longer terms and opening space for short financing “, explained the same report but noted: “Likewise, the complete panorama shows a different image, since the largest participation was from the public sector, still reflecting a certain skepticism of the private sector to add instruments with maturities greater than three months.”

For their part, the shares of Argentine companies listed on Wall Street climbed up to 5.5%. The papers that lead the increases are those of YPF (+6.4%); Transportadora de Gas del Sur (+5.4%); and Globant (+5.3%). that happened in line with Wall Street as indices rose extending a rally started the day before after an inflation reading cemented expectations the Federal Reserve will take a less hawkish tone with increases in US interest rates.

“Today’s holiday (Friday) in the United States had an impact on the level of local activity that registered the lowest amount traded so far this month”summarized Gustavo Quintana from PR Corredores de Cambio.

Bonds and country risk

In the fixed income market, bonds in dollars closed with the majority of losses. They are headed by Global 2039 (-3.2%); the Bonar 2041 (-1.7%) and the Bonar 2029 (-0.7%). Meanwhile, the country risk measured by JP Morgan banking it stands at 2,484 units.

The BCRA board would keep its reference rate unchanged in Novemberthe same as the previous month, despite the inflationary pressure and the fall in its reserves, said a source with knowledge of the matter on Friday.

Source: Ambito

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