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Tuesday, March 28, 2023

ADRs suffered severe punishment due to global fear: YPF sank more than 7%

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The decreases were influenced by Wall Street, where the main indices lost 1.7% after Powell’s speech in which he confirmed that there will be more interest rate increases until inflation is combated.

Argentine papers in New York fell up to 7% this Tuesday, March 7, conditioned by the fall of the main indices on Wall Street after Jerome Powell’s speech in which he gave signs that the rate hike may be higher than expected. In turn, sovereign bonds in dollars changed the trend they had achieved after the announcement of Sergio Massa about him debt swap and discounted the profit obtained in the previous day. In this context, the country risk remains above 2,000 points.

Find out more – Dollar today and dollar blue today LIVE: how much they operate this Tuesday, March 7

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Energy and financial papers fell up to 7.1% on Wall Street led by YPFfollowed by Transportadora de Gas del Sur (-5%), Irsa (-4.3%) and Banco Supervielle (-4.1%). What had a negative impact on Wall Street prices was the Fed Chairman’s speech in which he warned that the US Federal Reserve rate could continue increasing beyond 5.1%, the peak expected so far. Given this, the industrial Dow Jones closed with a decline of 1.7%, followed by the S&P 500 that fell 1.5 and the technological Nasdaq 1.2%.

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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