“Current prices are already consistent relatively to comparable bonds and are justified by their fundamentals. The ‘speculative’ part of the rally is coming to an end, thus now shifting to an instance of carry-linked investment,” Delphos said. Investment. The announced measures are aimed at making dollar bonds rise more than those in pesos in order to decompress the alternative dollar market, explained another operator.
Thus, the risk country measured by the JP Morgan bank, it rose 3.2% to 1,864 basis points, compared to its all-time high of 2,976 units recorded last July.
Shares and ADRs
In this contextthe S&P Merval loses 5%, to 223,523.33 unitsafter plummet 9.7% on Wednesday and accumulate a rise of 31.4% in the previous 10 sessions. The Merval marked an intraday historical record level of 267,244.18 units the day before. However, shortly after the day progressed, it fell hard.
“It was foreseeable and it is good that the market is rearranged after the important rises, although the level of decline in the stock market is very strong,” said an operator, adding that “Renewed fears of a global recession hit markets and that impacts locally as well.”
Thus, in the leading panel, the main casualties are for Transportadora de Gas del Norte (-8.4%), Banco Supervielle (-8.3%), Edenor and Cablevisión with 8%.
For its part, the blow Wall Street by renewed concerns about an imminent recession affecting the markets. The main US indices fall: the S&P500 loses 0.6%; the Nasdaq Composite falls 0.9% while the Dow Jones yields 0.5%.
Fears that the strong interest rate hikes by the Federal Reserve will slow down the economy were fueled by weak retail and manufacturing sales data on Wednesday, a day in which the S&P and the Dow posted their biggest daily percentage drops in more than a month.
Thus, Argentine papers on Wall Street fell across the board to 8.1% led by Edenor and Supervielle bank; subsequently with Transportadora Gas del Sur (-7.5%), Central Puerto (-7%).
Source: Ambito
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