Thus, the index S&P Merval by BYMA went up 2.7%, to 87,451.27 points, after soaring 7.4% the day before after the announcement of the trip to the US. In other words, in just two days, it jumped 10.3%.
In the Buenos Aires square, the rises of the leading shares were marked by BYMA (8.6%); YPF (7.7%); Aluar (5%); Transener (4.6%); and Banco BBVA (4.3%).
In the opposite sense, the casualties were registered by Central Puerto (-1.2%); Grupo Financiero Galicia (-0.7%); Richmond Laboratories (-0.7%); and Edenor (-0.5%).
On Wall Street, meanwhile, the papers of Argentine firms closed the day with the majority of increases, led by BBVA Bank (9.5%); YPF (7.8%); Ternium (6.4%); Supervielle (6.1%); and Corporación América (6%). On the contrary, the only loss of the session was for Irsa, which fell 3.3%.
“Signs of approach in the negotiations with the IMF would be activating tactical bets on the part of operators oriented to ‘trading’ in search of enjoying a technical rebound in the face of said expectation”, said Gustavo Ber, economist at Estudio Ber.
“Beyond being positive, there is still a long way to go to agree on economic policies with both the body and the opposition so that they can be implemented and thus correct the imbalances accumulated over time, since otherwise the inconsistencies could lead to a new crisis “, he warned.
The agreement will be positive to the extent that the country complies with that commitment in a timely manner, the risk rating agency Moody’s said.
Officials from the Ministry of Economy and the Central Bank (BCRA) will travel to Washington on Saturday to hold meetings with IMF technical staff to seek to renegotiate some 45,000 million dollars.
“The Government seems to have made the decision to accelerate the process to reach an agreement with the IMF. The lack of reserves in the BCRA hastened the decision in the face of a hard summer in foreign exchange matters,” said consulting firm Delphos Investment.
Added that “the bureaucratic process does not seem to coincide with the times that transcend from the Government, with an intention to fix before the end of the year (…) The key point is not so much the agreement -which will arrive sooner or later- but the content of the itself, since it is perhaps the last resort to try to refloat the depressed confidence of the local economic agents “.
Despite the fact that the state of New York reported 11,300 new cases of Covid-19 today (record of daily cases since January), Wall Street was able to reverse Wednesday’s losses and the S&P 500 gained 1.4%, while the 10-year bond rate rose 4bp to 1.44%. For its part, and in the run-up to the employment data for this Friday, the requests for unemployment insurance showed 222,000 orders last week versus 240,000 expected.
In the fixed income segment, sovereign bonds in dollars closed mixed, after a strong rebound the day before.
“In the current context, despite the fact that sovereign (bonds) in dollars at current prices look attractive, regardless of the future restructuring scenario, they are going to move structurally in low parities due to their reduced coupons”, estimated Delphos Investment.
In this framework, the Risk country -which measures the bank JP.Morgan- it lost seven units, at 1,820 basis points, compared to its all-time high of slightly above 1,900 units registered on Monday.
The dollar linked sovereign curve continues to be in demand and gained 0.6% on average, with TV22 standing out with a rise of 0.8%.
For his part, he does not loosen interest in bonds in pesos adjustable by CER, highlighting today the short and middle section of the curve that climbed 1.5% on average (TX23, TX24, TX26), reported the SBS Group.
Source From: Ambito
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