The S&P Merval and local bonds in dollars fell sharply this Thursday as a result of the decline in global markets and profit taking. Argentine shares on Wall Street collapse.
The argentinian bag falls this Thursday affected, on the one hand, by a profit-taking after its recent record, but, on the other, by the collapse of the local markets that is observed as a result of the expectation of a rise in rates that was revived after the data of unemployment benefits in the United States.
The upward trend that is encouraged by the liquidity provided from foreign investment funds that are attracted by tempting asset values as a hedge against strong inflation and exchange rate devaluation, are thus threatened this Thursday by international and local factors.
In this context, all leader panel actions are in red, with falls of up to 6.22%, led by Cresud, Banco Macro (-4.97%) and Supervielle (-4.93%). The index S&P Merval of the Buenos Aires stock exchange loses 3.06%, at 423,364.95 points. This reference was highlighted last month by a firm increase of 24.61% in pesos.
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This happens while Argentina is renegotiating an agreement with the International Monetary Fund (IMF) and announced that it will postpone the payments of debt maturities for the month until the end of July, as it did in June, a source from the Ministry of Economy reported on Wednesday. .
In addition, The Central Bank of Argentina (BCRA) has been suffering a sharp deterioration of its reserves and anticipated that it will not make changes in its reference interest rate (which is at 97% per year) for the moment due to the deceleration trend in the monthly inflation rate.
Argentine shares on Wall Street
The Argentine shares on Wall Street lose up to 8.54% on this this black thursday. Such is the case of Supervielle, which is the one that falls the most. It is followed on the list of shares that fell the most Mercado Libre (-7.86%) and Grupo Financiero Galicia (-7.57%). But the list of papers from Argentine companies that are listed abroad is completely red. There are no raises this Thursday.
The bond crash
In this scenario, Argentine bonds in dollars, which rose to 30% in one month, fell to 6.1% this Thursday, led by the Global 2035, the AL29 (-6%) and the Global 2030 (-5.4%) also lose strongly. While the AL30 loses 5%.
In this context, country riskwhich had a downward trend, begins to rise and stands at 1,955 units, with the threat of exceeding 2,000 again.
Source: Ambito
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