The S&P Merval chains its fourth rise in a row, but dollar bonds fall up to 3%

by the hand of a CCL dollar rallyhe BYMA’s S&P Merval Operates on the rise for the fourth consecutive daywhen climbing a 0.6%, to 260,111.45 units, after rising 0.3% on Tuesday. This benchmark stands out globally with an increase of 28.6% in pesos so far this year.

The high inflation (CPI), which was 6% in January and reached 98.8% in the interannual measurement, induces placements in the stock market as hedges, operators comment.

The Vice Minister of Economy, Gabriel Rubenstein. explained the day before that the Government continue “working from the macro and from the micro, so that inflation goes down significantly”. “We hope that, towards the end of the year, the CPI will be close to 3%, with inflation for the year hovering around 60%,” she said.

Foreign markets were keeping an eye on US retail sales data amid concerns that high inflation and a tight labor market would prompt the Federal Reserve to further interest rate hikes this year.

On Wall Street, for its part, Argentine stocks operated with the majority of losses, led by Pampa Energía (-1.9%); the BBVA bank (-1.8%); and Transportadora de Gas del Sur (-1.7%). Only the roles of Edenor (+1.4%); Take off (+0.4%); and Cresud (+0.4%).

Bonds and country risk

In the fixed income segment, dollar-denominated bonds extended their negative streak and lost up to almost 3%. The greatest decreases were recorded by the Global 2029 (-2.8%); Bonar 2030 (-1.3%); and the Overall 2035 (-1.2%).

Thus, the risk country measured by JPMorgan it operated almost stable at 1,969 basis points.

Regarding titles in pesos, CER papers operated mixed, with increases led by Boncer 2023 -TC23- (+1.6%), and decreases led by Discount (-2.2%).

Source: Ambito