The imbalances in the Argentine macroeconomy keep investors in suspense a few weeks before the mid-term legislative election that is considered key, after the ruling party was defeated in the primary elections held just over a month ago.
Under this scenario, and with the persistent volatility in world markets, Argentine bonds denominated in dollars lost up to 2.2%, so that the Argentine Country Risk it bounced 1.4% to 1,622 basis points.
The most marked losses among sovereign securities were recorded the Global 2038 (-2.2%); the Global 2041 (-1.8%); and the Global 2029 (-1.2%); and the Bonar 2035 (-1.2%), with which the yields reached a maximum of 22.5% (Bonar 2029).
“The news about the IMF complicates the government that delayed negotiations with the aim of reducing financing costs and eventually obtaining more favorable conditions for a next agreement,” They said from Portfolio Personal Inversiones. “The expectation of further delaying the agreement or that it does not bring too many demands in the macro is reflected in the prices of the bonds,” they added.
S&P Merval y ADRs
In equities, the Buenos Aires stock market rose slightly, hand in hand with energy and financial papers, in line with the recent rises in ADRs on Wall Street.
The leading index S&P Merval de Bolsas y Mercados Argentinos (BYMA) it gained 0.5%, to 77,927.87 points, after being stable the previous week.
The most important rises of the day were recorded by the papers of Pampa Energía (+ 7.3%); Transportadora de Gas del Norte (+ 6.3%); and Central Puerto (+ 5.2%).
Energy and financial stocks advanced strongly on Wall Street yesterday, rising in double digits in some cases. This Tuesday, the ADRs of Argentine companies they closed with the majority of increases, which in some cases reached 3%, such as Globant. The podium was completed by the papers of IRSA Propiedades Comerciales (+ 2.8%); and Supervielle (+1,8%). On the contrary, among the few casualties of the day Edenor’s assets stood out (-9.5%); and Central Puerto (-5.9%).
The Minister of Economy, Martin Guzman, He will meet this Tuesday in Washington with the managing director of the IMF, Kristalina Georgieva, in the framework of the renegotiation of the debt program for about 45,000 million dollars signed in 2018.
On the New York Stock Exchange, the main indices closed lower before the start of the earnings season on Wednesday, and with investors’ concern about inflation in the US. The Dow Jones lost 0.3%, the Nasdaq 0.1%; and the S & P500 expanded index, 0.2%.
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