The S&P Merval in dollars exceeded the maximum of 3 years and bonds climbed up to 6%

Thus, the leading index dragged a increase of around 11.2% in pesos so far in 2023which generates a return converted to dollars close to 13.5%, a profit that captures the interest of institutional investors. Stocks climbed to 8.6% hand in hand with financiers Superville, Banco BBVA (+8.3%) and Grupo Financiero Galicia (+8%).

While, the Merval in dollars He came to finish the wheel at 666.47 points, renewing a maximum since 2019, when he collapsed after the defeat of President Mauricio Macri in the PASO against Alberto Fernández. At that time, the Merval in hard currency went from 900 points to 596 in a single day.

For his part, US stocks ended with strong gains on the wheelled by a nasdaq index jump, as investors were optimistic ahead of a inflation report you could give to the Federal Reserve room to curb their aggressive interest rate hikes. This way, the S&P 500 Index gained 1.3%, the Nasdaq Composite Index added 1.8% and the Dow Jones Industrial Average rose 0.8%.

in tune with Wall StreetArgentine papers culminated in a positive trend thanks to Banco BBVA (8.5%), Grupo Financiero Galicia (+7%) and Telecom Argentina up 6.4%. On the contrary, they only backed down Transportadora de Gas del Sur (-1.1%) and Despegar (-0.4%).

Bonds and Country Risk

In the fixed income segment, sovereign bonds in dollars closed with increases of up to 5.9% led by Global 2038, Global 2041 (+5.5%) and Global 2030 (+5.2%).

Thus, the risk country Argentinian it pierced the 2,000 basis point level for the first time in seven months during the day. Finally the index that measures the JPMorgan fell 2% to 2,006 basis points, well away from the top close to 3,000 points reached at the end of July.

In it segment of titles in pesos, the duals culminated with average rises of 0.2%, with the exception of the TDJ23 which fell 0.2%. Regarding the CER papers, both the Leceres as the Bonceres showed timid demand and closed with average rise of 0.2% along the curve.

Recall that the S&P Global agency on Monday raised its long-term local currency sovereign credit ratings for Argentina and affirmed its foreign currency notes, after considering the recent debt swap carried out by the Treasury “cured”.

The retraction of the Argentine country risk also occurred at a time when the yields of long-term United States Treasury bonds fella day before the release of consumer prices, as the market anticipates that inflation is on a sustainable downward path and that the Fed will cut interest rates at the end of the year.