Argentine shares bullish streak extended this Wednesday June 21 and climb up to 7.5% on Wall Street, a few days after the closing of lists for the presidential electionsand while The Government is negotiating with the International Monetary Fund (IMF) an advance of disbursements, in a week in which payments for some US$2.700 million are due.
In that framework, the Telecom shares climbed 9.1% followed closely by YPF, and Transportadora de Gas del Sur. For its part, the leading index S&P Merval was up a strong 3.4%at a historical maximum level in pesos of 423,360.35 points.
“The bets on the ‘electoral trade’ continue to be focused on the most liquid papers, since they are the ones selected by foreign participants who would be boosting the volumes,” said the economist Gustavo Ber.
On the New York Stock Exchange, the main indexes fell because the president of the Federal Reserve, Jerome Powell, stood firm in bring inflation back to the 2% target, fueling fears of further monetary tightening.
Money markets are still waiting for just one rate hike of 25 basis points in July by the US central bank for the rest of the yearaccording to CMEGroup’s Fedwatch tool.
Mega-cap companies struggled higher as 2-year Treasury yields, which move in line with interest rate expectations, rose marginally on Powell’s comments.
All sub-sectors of the S&P500 fell, with the rate-sensitive real estate sector leading the declines, down 0.8%. The Dow Jones Industrial Average was down 81.74 points, or 0.2%, at 33,972.13. Meanwhile, the S&P 500 was down 18.76 points, or 0.5%, at 4,368.30, and the Nasdaq Composite was down 126.95 points, or 0.9%, at 13,540.43.
In the previous session, Wall Street’s main indexes fell as investors took profits after a sustained rise in the market amid signs of weakening global demand. Even so, the benchmark S&P 500 index has advanced about 14% so far this year.
Country risk and bonds
Bonds in dollars register the majority of increases. The main increases are for Bonar 2030 (+4.3%), Global 2038 (+3.2%), and Global 2041 (+3.2%). The country risk measured by JP Morgan stands at 2,353 basis points.
Source: Ambito
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