The BYMA’s S&P Merval index fell 0.13% to 83,375.76 points, after accumulating a 6.7% drop in the previous three sessions in line with the weakness of the SARDs of Argentine firms in New York.
The The importance of the multi-year plan is that it must contain the bases of the agreement with the International Monetary Fund (IMF) for a millionaire debt of about 45,000 million dollars.
The local financial scenarios are also affected by the concern produced by the outbreaks of European contagions of COVID-19, a potential hike in rates by the Federal Reserve and the notorious strength of the dollar that weakens emerging currencies.
Bonds
Yesterday, the bonds denominated in dollars operated with the majority of contractions, although more slight compared to previous days, led by the decreases in the titles issued under local law.
It is worth remembering that the Central Bank (BCRA) stopped intervening in the bond market to sustain the price of financial exchange rates, and that removed a key player who maintained prices, operators agree.
According to a report by Portfolio Personal Inversiones (PPI), the weighted average price of assets fell to $ 31.95, the lowest since the debt restructuring with private creditors was sealed in September 2020. “In addition to the economic uncertainty of its own. an equally volatile international context, “” said the brokerage firm.
In this framework, the cumulative probability of default over four years was above 83% (according to PPI calculations) and Country Risk – prepared by the JP Morgan bank – grew 1.3% (23 units) to 1,821 basis points, a new record since the exchange.
The market is carefully awaiting the details of the multi-year program that the government will send to Congress next month, considered important as it will lay the foundations for the agreement with the International Monetary Fund, among other things.
Source From: Ambito
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