In the stock market, The leading stock index S&P Merval of Buenos Aires fell 2.3%, to 805,055 units, after reaching an intraday historical maximum in pesos of 734,791.35 units in the first deals and earn almost 50% in nine business sessions.
Local stocks lose up to 6% – after gains of almost 50% in the last 10 days– headed by Aluar, Sociedad Comercial de La Plata (-5.32%), Banco Macro (-4.5%) and BYMA (-4.2%). On the contrary, Transener (2.3%), Telecom Argentina (2.2%) and Grupo Supervielle (0.6%) advance.
“The result of the next general elections is uncertain and, given the binary scenario, a period probably opens stressful four weeks until a probable second round in November,” Adcap Asset Management said.
In it global context there was a growing investor unrest due to the risk of worsening the conflict in the Middle East, which translated into a rise in the price of oil and gold.
For their part, the Argentine papers that are listed on Wall Street lost up to 3.4% thanks to Globant SA, Loma Negra and Ternium (-2.9%).
Tension in global markets
An escalation of the war between Israel and Gaza into a broader conflict could cause another shock to global growth and stop disinflationary forces in their tracks.
The market reaction has been modest so far, but that could change.
Hamza Meddeb, director of the political economy program at the Malcolm H. Kerr Carnegie Middle East Center in Beirut, says: “Whether this conflict is limited to a confrontation between Hamas and Israel or whether it becomes a broader regional conflict involving armed groups in Iran, particularly Hezbollah, will have significant repercussions.”
“Such an escalation could lead to rising oil prices, concerns about supply and the possibility of a global economic recession.”
The main indices of Wall Street fell on Wednesday as rising tensions in the Middle East dented risk appetite, while investors They also focused on the results to gauge the impact of inflation and high interest rates in companies.
The PrDow Jones Industrial Average It lost 87.17 points, or 0.26%, to 33,910.48 units; the S&P 500 index fell 22.08 points, or 0.5%, to 4,351.12 units; and the Nasdaq Composite fell 95.49 points, or 0.71%, to 13,438.25 units.
The demand for safe haven assets It lifted gold prices to their highest levels in more than a month, up more than 1%, while the dollar also strengthened.
“The war in Ukraine and recent events in the Middle East are weighing heavily on markets, and any geopolitical issues or uncertainties often lead to a flight to safety for investments,” said Chris Giamo of TD Bank.
The performance of the US treasury bonds, However, it rose after data that showed that the construction of single-family homes in the United States rebounded strongly in September.
Source: Ambito
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