In the local exchange, for its part, the BYMA’s S&P Merval Index lost 2.1% to 85,628 points, after rising more than 10% in the previous two business sessions.
Beyond the recent rises in the local market, “there is still a long way to go to reach a consensus on economic policies with both the body and the opposition so that they can be implemented and thus correct the imbalances accumulated over time. that otherwise the inconsistencies could lead to a new crisis “, warned a specialist.
Last Wednesday it was known that officials of the Ministry of Economy and the Central Bank (BCRA) They will travel to Washington on Saturday to hold meetings with IMF technical staff to seek to renegotiate some $ 45 billion.
“The announcement was well received by investors and was also reflected in the strong rises that were seen within the panel of leaders. A small hope strongly moves local assets, both in equities and fixed income”, Indian Gonzalo Gaviña, PPI financial advisor.
Beyond an eventual agreement, the market will also pay special attention to the fine print of understanding. “There is still not much information in this regard, but it is known that it will be important that it be accompanied by an economic plan that gives a short-term air and allows for a 2022 with better spirits”, added the PPI financial advisor.
Meanwhile, global stock markets suffered steep losses on Friday and benchmark bond yields fell after a worse-than-expected labor data in the US, while markets remained volatile as investors assess the implications of the new omicron variant of the coronavirus.
In the fixed income segment, Sovereign bonds in dollars operated mixed, with the Globals at the rate of the rises, which in some cases reached around 8% (Global 2038).
“Undoubtedly, the curve of Globales Ley NY would have a potential to rise higher than those of Argentine law, because they have greater legal protection,” said Gaviña, from PPI.
In this framework, the Country Risk -as measured by the bank JP.Morgan- fell for the third consecutive day, to 1,777 basis points, 2.2% less than on Thursday, compared to its historical ceiling slightly above 1,900 units registered on Monday. In three days, it accumulates a loss of more than 120 points.
Source From: Ambito
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