The rises of Argentine papers on Wall Street are led by Take off (+ 4.6%); and Pampa Energía (+ 4.6%).
For its part, the leading index S&P Merval de Bolsas y Mercados Argentinos improved 2.7%, to 84,137.68 units, after losing 1.6% on Monday and losing 2.6% last week.
“The Merval index rose driven especially by the reaction of the ADRs of banks and energy companies, since they continue to be the vehicles to manage the tactical bets of operators oriented to ‘trading'”, said Gustavo Ber, an economist at Estudio Ber.
He added that in the bond market “traders wait for signs of concrete progress towards an agreement with the IMF before betting on a contraction of spreads”.
After the legislative rejection of the 2022 Budget project, the Government faces slow negotiations with the IMF to refinance some 45,000 million dollars, amid fears of the global advance of the Ómicron strain and the eventual increase in rates in the United States.
Business is still conditioned by “the delays in the negotiation process to restructure the debt with the IMF and the conflicts in Congress are added to approve the budget for next year”said Fernando Staropoli, account executive at the Rava Bursátil brokerage.
Meanwhile, in the face of annual inflation that will be around 50%, operators do not rule out a close increase in the Central Bank’s reference rate, a level that has long remained at 38%
In fixed income, sovereign bonds in dollars closed without a uniform trend. The increases were led by the Global 2030 (+ 0.3%), while the decreases were led by the Global 2041 (-6.5%).
Argentina registered a primary fiscal deficit in November equivalent to 0.3% of GDP, while in the year it expands to 2.1% of PIB, compared to the 3.5% budgeted by the Government. December is always a month in which, due to seasonality, state spending skyrockets.
In turn, the Country Risk, prepared by the JP Morgan bank, it fell six points to 1,742 basis points.
For its part, bonds in pesos with CER adjustment showed strong increases in view of the expectation of higher inflation for the coming months, and climbed to 4.5% (quasi-par).
Source From: Ambito
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