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Tuesday, March 28, 2023

The S&P Merval cuts a streak of 5 falls in a row and climbs almost 4%, in line with Wall Street

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The Buenos Aires stock market revives this Thursday, March 16, due to selective purchases after a streak of 5 casualties in a rowwithin a market immersed in external adversity due to the banking crisis and also affected internally by high inflation.

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The leading benchmark BYMA’s S&P Merval it gained 3.7%, to 217,495.51 pointsagainst a adverse drag of 16.4% in the last five consecutive sessions at closing.

The euro and eurozone sovereign bond yields rose on Thursday after the European Central Bank (ECB) to raise rates by 50 basis points, despite the fact that some investors had thought that the recent turmoil in financial markets might deter it from carrying out another sharp increase in credit.

For its part, the government said on Thursday that the annual inflation data registered in February, the highest figure since 1991, It was “terrible” but he insists that he will be able to comply with the 60% rate provided for in the budget, said the presidential spokesman.

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The BCRA is currently studying the possibility of an increase in the reference interest rate as inflation continues to hit consumers and for fear of contagion from the banking crisis in the market, a source familiar with the matter told Reuters. issue.

In that context, Argentine papers listed on Wall Street rebound up to almost 6%. The most relevant ascents of the day are recorded by Central Puerto (+5.7%); IRSA (+3.6%); and Banco Macro (+3.3%).

Bonds and country risk

In fixed income, sovereign securities in dollars operate mixed, with increases led by the Bonar 2035 (+1.8%), and falls led by the Global 2046 (-5.4%).

Thus, the risk country measured by JPMorgan it is trading almost stable at 2,391 basis points.

Source: Ambito

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