Sovereign bonds suffered again from market discontent (although they moderated their initial falls), following the announcements made on Friday by the Minister of Economy, Luis Caputo, which is why the country risk reached its highest level since the beginning of June.
Sovereign bonds in dollars fell again, although they moderated their initial declines, after the monetary announcement last Friday that was “a little disappointing” for the market, therefore Country risk reached a high of almost four weeks. ADRs, on the other hand, rebounded on Wall Street after falling on Monday.
“Obviously, the market I was expecting a different kind of news on Fridayand those that were announced were not enough, the first reactions in recent days were a dollar exceeding $1,400 and bonds falling more than 1.5% between the two days,” he told Ambit a well-known operator in the city. He also indicated that “Yesterday’s meeting with the banks was not entirely good“. Several sources said off the record that the context and the initiative to transfer the debt from the BCRA to the Treasury did not go down well at all.
In this context, the sovereign title that fell the most was the Global 2029, with a -3.6%; followed by the Bonar 2038 (-2%); and Global 2041 (-1.5%). In the first part of the round, they fell by up to 5.1%. Therefore, the country risk increased 1.5% to 1,536 points (after an intraday peak of 1,570), a maximum since June 7.
In turn, on Monday it was learned that Tax collection fell 14% in real terms in Junetotaling $11.3 trillion, up from $13.4 trillion in May.
Argentine stocks on Wall Street
The Shares of companies listed on Wall Street closed mostly higher and recovered some of the ground they lost on Monday. Thus, the advances were led by YPF (+3.5); Macro Bank (+3.4%); and BBVA (+23%).
For its part, The leading S&P Merval index of the Buenos Aires stock exchange gained 2.6% due to bargain purchases, after losing almost 2.5% in the two previous sessions and closing at 1,636,391.130 points.
The stocks that rose the most were those of Aluar (+5%), YPF (+4%), and Transener (+3.9%).
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
