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Friday, December 9, 2022

Bonds in dollars gained up to 6.6% and the S&P Merval climbed for the third day in a row

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BYMA’s S&P Merval Index improved 1.5%, to 152,685.42 unitsto accumulate a 6.7% rise in three rounds in a row and thus test the intraday historical record in pesos of 154,031.5 points, noted at the beginning of the month.

Among the shares that rose the most were those of YPF (+5.4%); Edenor (+4.1%) and Transportadora de Gas del Sur (+4.1%). The losses, meanwhile, were led by Ternium (-3%); Holcim (-2.9%) and Agrometal (-1.5%).

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On Wall Street, the shares of Argentine firms closed the day with majority of positive results, led by YPF (5.4%); Cresud (5.3%); Pampa Energy (5%); Transportadora Gas del Sur (3.8%); and Edenor (3.7%).

The losses were registered by Globant (-3.9%); Tenaris (-1.6%); Mercadolibre (-1.6%); Take off (-1.4%); and Loma Negra (-1.3%).

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“Investors only make short-term tactical bets on well-liquid stocks, as economic doubts in the latter part of the year weigh on decision-making,” said a stock trader.

At the local level, President Alberto Fern√°ndez is already in Indonesia to participate in the G-20 summit (accompanied by Minister Massa), where he will also hold bilateral meetings between Tuesday and Wednesday with Chinese President Xi Jinping and with the IMF head Kristalina Georgieva.

In the United States, the vice president of the Fed, Lael Brainard, slipped in an interview that it would be appropriate for the entity to start slowing down the pace of rate rises “soon”. Despite the dovish cut message, the S&P 500 alternated ups and downs to finally close with a fall of 0.9%, while the 10-year bond rate rose 7 bp to 3.88%.

WTI oil, for its part, skidded 4% to u$s85.40, thus accumulating a fall of 1.3% in the month.

Bonds and country risk

In the fixed income market, bonds in dollars closed general increases, which were led by Global 2029 (+6.6%) and Global 2038 (+5.2%). Meanwhile, the country risk measured by the JP Morgan bank fell 2.3% to 2,427 points.

On Wall Street, sovereign bonds continued to be in strong demand and rose about 60 cents on average along the curve, with Global 2035 standing out, which gained 75 cents.

For his part, dollar-linked bonds showed intense activity in the short end of the curve, which rose 0.25%. Similarly, the duals operated good volume in the short tranche that climbed 1.1%, while the long tranche lost 0.5%.

Finally, the Debt in pesos with CER adjustment operated heavy in general and while leceres closed stable, short boncers rose 0.2% on average.

“The government continues to operate on the debt in pesos and the debt in dollars, trying to control each financial variable to maintain an increasingly fragile status quo, where net international reserves have suffered a rapid fall in recent weeks,” said Aurum Valores. .

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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