Traders say there is a lot of volatility in the markets and expect the government to give positive signals in favor of dismantling the restrictions. However, they predict that the turbulence will continue.
After four days of negative data for the market, the Sovereign bonds The prices of the currencies are mixed this Thursday, July 18th, and an upward trend is observed in most of the global currencies in dollars, while the bonares are on the decline. Today the market is attentive to News on the Central Bank’s (BCRA) “puts”, within the framework of the exchange of the monetary regulator’s liabilities for Treasury bills that is underway.
In this context, the S&P Merval rebounds 1.2% to 1,543,419.24 points, encouraged by speculative purchases in the face of attractive values after recent falls due to doubts about the future of the economy. The rises are led by Transportadora Gas del Sur up to 2%, IRSA (1.9%), YPF (1.9%) and Supervielle (1.8%). On the other hand, Aluar falls 1.9%.
Argentine stocks on Wall Street
For its part, Argentine stocks listed on Wall Street rise by up to 1,3%, such is the case of Banco Macro, followed by IRSA (0.9%) and Grupo Supervielle (0.7%). Mercado Libre (1.1%), Loma Negra (0.9%) and Central Puerto (-0.8%) fell.
Dollar and the new monetary regime: what are the market’s doubts?
The announcement of new measures is being taken with caution by investors who are looking for clear signals about the direction of the crisis.
The Government issued a Liquidity Tax Letter (LeFi), for a one-year period, for an amount of up to a nominal value of 20 trillion pesos (about 21.65 billion dollars) to clean up the balance sheet of the central bank (BCRA) in view of lifting the foreign exchange restrictions.
“Concerns about the effects on economic activity that would have this greater monetary tightening,” said economist Gustavo Ber.
The issue is in response to a recent announcement of a second stage of stabilization in which the BCRA will stop issuing currency to finance remunerated liabilities and the transfer of liabilities to the Treasury will be carried out with the new Lefi bill.
“The various comments and announcements of a monetary and fiscal nature, not validating expectations of elimination of the exchange rate restriction “Among others, they have had a negative impact on the country risk, and therefore on the share price,” said Capital Markets Argentina.
Bonds and country risk
In it Fixed-income segment, dollar bonds rise up to 2.2% The Global 2046 was led by the Bonar 2038 (0.8%) and the Global 2041 (0.7%). In other terms, the Bonar 2035, Bonar 2030 (-0.4%) and the Global 2038 (-0.2%) fell by 1.3%. The country risk measured by JPMorgan rose by 0.13% to 1,595 basis points.
Source: Ambito
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