The shares of the Argentine oil company YPF operated with a rise of 2.76% to 906.5 pesos.
“The results of the third quarter, which we are going to present, are very good. YPF is recovering, it is improving its numbers, and that will allow us to increase investment next year,” YPF president Pablo González said in a interview conducted by Crónica TV.
Argentina recently applied price controls to curb an inflationary escalation, amid high monetary issues, exchange rate pressures, and slow negotiations with the International Monetary Fund.
Country risk and bonds
On Friday, Country Risk exceeded 1,700 basis points this Friday and reached its new maximum value since the debt swap with private creditors was sealed in September last year, amid growing aversion to local risk due to uncertainty in economic matter.
The benchmark measured by the JP Morgan bank grew 18 units to 1,712 basis points. It should be remembered that the index restarted on September 10, 2020 in the area of 1,083 points after a millionaire debt restructuring. Prior to that date, it was above 2,100 points.
The increase in Country Risk is a reflection of the fall in the price of sovereign bonds in dollars, which lost up to 1.1%, as in the case of Gobal 2035.
Investors’ doubts focus on economic issues such as the recent price controls to tame the high inflationary pressure, exchange controls, a strong fiscal deficit and a slow negotiation with the International Monetary Fund (IMF).
Added to this is the expectation on the political level after the harsh defeat suffered by the ruling party in the primary elections.
The president, Alberto Fernández, arrived in Rome this Friday to participate in the G-20 meeting, where he will try to advance the negotiations with the IMF.
Source From: Ambito
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