The Buenos Aires shares of the main panel had already climbed 5.8% in the first week of the year measured in pesos, after the outstanding increase of 142% in 2022, which positioned the market among the most profitable in the world with a return of 42% in dollars (CCL).
They stood out on the local stock market as the 3 companies with the highest increases, Edenor (+4.1%); BYMA (+3.1%) and YPF (+3.2%).
attention points “to a new rise in the reference interest rate by the Fed (Federal Reserve). The agency’s officials acknowledged that inflation would be receding, but it still causes concern. The Covid-19 generates attention again in the world”, they said from Tavelli and Company.
Argentina’s economy will grow “quite a lot” more than 5% in 2023, Economy Minister Sergio Massa said, according to an interview published Sunday by local newspaper Perfil.
Operators maintain that political tensions in Brazil condition financial business in Argentina, which is closely watched along with the decisions of the US Federal Reserve, the massive Covid-19 infections in China and the development of the war in Ukraine.
“Although with ‘forceps’, the goals agreed with the IMF were being met as the quarters of 2022 progressed. ‘Luck’ helped due to the strong improvement in international grain prices and also the fact that the commitments signed did not they had been too demanding”said a report from the Mediterranean Foundation.
Analysts consulted by the BCRA estimated the country’s inflation in 2022 at 95.5%, 3.5 percentage points less than their previous calculation.the monetary entity reported on Friday, adding that the same experts estimate inflation for 2023 at 98.4%.
On Wall Street, meanwhile, there were a majority of increases among Argentine companies. Among the companies with the greatest advances, Edenor (+6.6%), Banco Supervielle (+5.5%), and YPF (+3.2%). While only Bioceres (-0.9%) and Despegar (-0.4%) accumulated losses.
Bonds and country risk
In the fixed income segment, the The main bonds in dollars climbed 4.2%, such is the case of Global 2029, followed by Bonar 2029 (+3.7%) and Bonar 2030 (+3.4%).
Within this framework, the Argentine country risk it fell 0.7% to settle at 2,079 basis points.
The Central Bank (BCRA) and its counterpart in China formalized the extension of a “swap” or exchange of currencies that will allow an increase in Argentina’s international reserves at a time when the country is in need of foreign currency.
“The payment of interest on ‘hard dollar’ titles for around 1.1 billion dollars this Monday (January 9) will also mean a reduction in the net reserves of the Central Bank, which could be offset by disbursements from development banks” , said consultancy Delphos Investment.
Roberto Garetto, from Fundcorp, affirmed that “the Central Bank confirmed the activation of the ‘swap’ with China, where the total is for approximately 20,000 million dollars. Although not everything is freely available and its conversion into dollars is not easy, The most concrete thing is that it will be used for bilateral trade, which is mostly in deficit for Argentina.”
Source: Ambito
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