Traders are still evaluating the latest measures aimed at lowering the parallel dollar, despite the announcement of the financial surplus achieved in June.
Argentine stocks and bonds in red.
Depositphotos
The Sovereign dollar bonds fell for the fourth consecutive dayfor which reason the Country risk reached over 1,600 basis points this Wednesday, July 17. In parallel, Argentine stocks listed on Wall Street plummeted by up to 6.5%highlighting the banks’ losses.
The markets once again showed their doubts about the economic policy being carried out Luis Caputo behind the confirmation that the Central Bank will accumulate fewer reserves and will have less firepower to break the trap. This impacts the price of public securities and equity also falls.
The dollar securities fell to 2.6%. The declines were led by the Bonar 2041followed by the Bonar 2029 with 1.7% and Bonar 2030 (-0.9%). Meanwhile, the one that rose the most was the Global 2038 (+1.4%). In this context, the country risk measured by JP Morgan reached 1,605 points but closed at 1,497 points.
“Other negative wheel in sovereigns around 1%. The loss of reserves by the BCRA continues to weigh heavily on the fiscal surplus data“, he said this day, Nicholas Cappellasales trade of Grupo IEB. The Minister of Economy Luis Caputo announced on Tuesday that the national public sector ended June with a fiscal surplus of $238 billion.
ADRs and S&P Merval
The ADRs They had Another negative day this Wednesday. The most significant losses were suffered Edenor (-6.4%), BBVA (-5.7%) and Take off (-5.9%). Meanwhile, in the local market, the S&P Merval fell another 0.5% to 1,518,154,880 units, with Edenor also leading the declines (-4.6%).
“The reaction of financial assets remains cautious “Due to concerns about the dynamics of reserves and a rebound in economic activity, since they could be among the associated costs,” he said. the economist Gustavo Ber.
For its part, from AdcapThey said: “What does the market expect or need to regain confidence? Instead of looking at the BCRA’s purchases on a daily basis, we believe that from now on we will see the Treasury accumulating dollars with the pesos generated by the fiscal.The accumulation of dollars by the Treasury could lead to stabilization and an improvement in bond prices, but it will take time.
Source: Ambito
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