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Local market starts March with doubts: the S&P Merval and dollar bonds fall

Local market starts March with doubts: the S&P Merval and dollar bonds fall

BYMA’s S&P Merval Index it lost a slight 0.1%, to 247,221.02 pointsin a wheel where the papers of the financial sector led the falls. During February, the stock market dragged a fall of 2.4%, in contrast to January when it climbed a firm 25.5% in pesos.

On Wall Street, for its part, the shares of Argentine companies recorded the majority of falls, led by Edenor (-2.7%); IRSA (-2.2%); and Grupo Supervielle (-2.1%). On the other hand, the assets of Cresud (+3.1%); Black Hill (+2.2%); and YPF (+1.8%).

Fernández gave his opening speech in the ordinary sessions of Congress, in a year where general elections dominate the business scene.

Meanwhile, Signals from the IMF are awaited within the framework of an agreement in which the Government hopes to achieve a reduction in the required volume of reserves from the central bank (BCRA)at a time when the drought in the countryside complicates the liquidation of dollars, plus the projection of a new rate hike by the US Federal Reserve (Fed).

The Fitch rating agency reported that it expects financial and credit pressures to intensify in the country in 2023, while the capitalization of banks alleviates the government’s exposure.

Bonds and country risk

In the fixed income segment, bonds in dollars register the majority of losses, with falls of up to more than 3%, such as Bonar 2030 (-3.2%).

Meanwhile, the risk country measured by JPMorgan it remained up to 1,963 basis points.

Source: Ambito

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