Bonds in dollars operate differently: investor caution due to real economy data

Argentine stocks and bonds operate with disparity this Tuesday after recent economic data that cast doubt on a rapid recovery of the economy and awaiting the ratification of the Bases law and the fiscal package in the Chamber of Deputies.

Sovereign bonds in dollars under local law register unanimous declines, led by the AE38 (-2.5%). In parallel, titles under foreign law do not show a clear trend; The greatest gain is shown by GD38 (+2.7%), while the highest loss is that of GD35 (-0.8%).

In that framework, The country risk is located at 1,441 basis pointsjust two units below the previous closing.

“Once again, political noise would be imposing itself on the local market and setting its pace,” said Portfolio Personal Inversiones.

The Senate approved with modifications a package of reforms promoted by the ruling party that must now be endorsed by the Chamber of Deputies with the changes or persist with the original version.

INDEC reported on Monday that Argentine GDP fell 5.1% in the first quarter of the year and that unemployment in the country rose to 7.7% in the same period, casting doubt on the country’s rapid economic recovery. .

“The best thing that can be done to reactivate the economy is to continue fighting to exterminate inflation,” said Iván Carrino, economist at ICYA Consuming.

Shares and ADRs

For its part, the S&P Merval index gains 1.3% to stand at 1,580,512.56 units, while measured in dollars it climbs 1.4%.

The shares that rise the most are those of Sociedad Comercial del Plata (4.4%), Cresud (2.9%) and Central Puerto (+2%). Along the same lines, the Argentine papers listed on Wall Street (ADRs) They also exhibit an upward trend, with Take off in the lead (+2.8%).