The decreases are marked by Wall Street, which lost almost 1% after Powell’s speech where he confirmed that there will be more interest rate increases until inflation is combated.
Argentine papers in New York yield this Tuesday, March 7, conditioned by Wall Street after a speech by Jerome Powell that gave signals about rates. In turn, sovereign bonds in dollars change the trend they had achieved after the announcement of Sergio Massa about him debt swap and they operate with losses of up to 3%. In this context, the country risk remains above 2,000 points.
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Energy and financial papers lost up to 5% on Wall Street led by YPF, followed by Pampa Energía (-4.6%), Banco Macro (-4.4%) and BBVA (-3.9%). The declines are marked by Wall Street, which lost almost 1% after Powell’s speech where he confirmed that there will be more interest rate hikes until inflation is combated. “The latest economic data has been stronger than expected, suggesting that the final level of interest rates will likely be higher than anticipated,” Powell said, speaking prepared for a hearing before the Senate Banking Committee. US.
In the local market, the S&P Merval it drops almost 2% to 248,380.59 points, the first drop in three days, in line with its external peers.
Argentina announced on Monday a voluntary internal debt swap through two amortizable options in 2024 and 2025 that seek to clarify the short-term financial scenario in an election year, amid the severe difficulties that the local economy is going through.
Meanwhile, the Government and the International Monetary Fund (IMF) continued to negotiate the central bank’s (BCRA) reserve targets for 2023.
Bonds and country risk
After a Monday of strong advances of up to 4.3% after the announcement of the debt swap, the bonds return to the trend they picked up in February. In this way, they register losses of up to 8% thanks to Global 2035, followed by Bonar 2030 (-2.7%), Bonar 2029 (-2.6%) and Bonar 2035 (-1.6%).
Source: Ambito
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