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Argentine shares on Wall Street recover some ground after court ruling in favor of Argentina

Argentine shares on Wall Street recover some ground after court ruling in favor of Argentina
Argentine shares on Wall Street recover some ground after court ruling in favor of Argentina

At the start of the second quarter, the papers of Argentine companies those that rise the most are those of Central Port (+2.8%), Edenor (+1.7%) and Gas Conveyor (+1.4%). Meanwhile, the shares that lost the most are those of Telecom (-3.1%), Supervielle Group (-1.5%) and Black Hill (-1.2%).

Ruling in favor of Argentina boosts stocks listed in New York

The judge ruled this Monday in favor of Argentina in the trial for the GDP linked coupon against the claim of a United States investment fund group in a lawsuit for US$1.4 billion.

Preska denied the claim of the plaintiffs, who had obtained a favorable ruling in the British courts.

The news generates at least temporary relief for Argentina, which has been facing adverse rulings in international courts such as the one related to the cause of the nationalization of YPFwhich would imply a payment of US$16,000 million.

In the midst of the holiday in Argentina, Argentine papers on Wall Street move upward. At the same time, this allows the country’s irrigation to drop 10 units, to 1,439 points.

Banking stocks start April mixed: why?

For their part, the bank papers They still remain cautious: Banco Macro rises 1.5% after losing 7.1% and Galicia Financial Group regains some ground by climbing 0.5%, but Supervielle drops 1.5% and BBVA 0.9% does.

The sharp decline of banks on Wall Street responded to the president’s latest statements Javier Milei regarding his plans for monetary politics and the local financial system.

“We are working on a reform of the financial system. We want to integrate the format of the banks with the capital market, to move towards a format of free banking that allows us to be able lift the trap and only then send the law of non-monetary issuebecause issuing money is a scam,” said the president in his speech at the International Economic Forum of the Americas.

Javier Milei at IEFA LATAM Forum.jpg

Javier Milei anticipated his plans for monetary policy and the local financial system at the Economic Forum of the Americas.

Photo: Juan Vargas – NA.

The BCRA would carry out downward changes in the monetary policy rate

Likewise, there are rumors in the City that the Central Bank (BCRA) could make downward changes in the monetary policy rate next month, which would have a strong negative impact on the liabilities held by the banks. The bonds held by financial institutions would soon lose value with a measure of this style.

In that sense, the economist at Epyca Consultores, Joel Lupieri, said to Ambit that “it may be” that the rumors are influencing the caution of banking shares, but he also highlighted that “they have been rising a lot”, which is why a pause in that rally is “logical.”

Source: Ambito

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