The minister met with the ALyCs and spoke about the implementation of the new fiscal pact, the exchange rate restriction, growth, inflation and motivated the market men.
The sovereign dollar bonds and ADRs react positively to the promises made by the Minister of Economy, Luis Caputoon Tuesday to market leaders. “July will have the lowest inflation rate so far this year”he said before the Clearing and Settlement Agents (ALyCs)where the new fiscal pact was also discussed.
Bonds moderate the momentum with which they started the session, but operate in the green. The rise is led by the Global 2029 climbs 5%, followed by the Global 2046 (+3.4%), and the Bonar 2029 (+2.5%). However, there is no consolidated dynamic so far this month, among those that have risen the most is the Bonar 2029 (+2.6%), and the Global 2041 (+2.7%). Meanwhile, those that fell the most are: Bonar 2030 (-3%), and the Global 2030 (-1.9%).
ADRs and local shares
While, ADRs are also trading with general increases, The companies that are making the most progress are Galicia Financial Group (+6.8%), Supervielle Group (+6.3%), BBVA Bank (+5.7%). However, so far this month, they have registered a majority of declines, so the biggest losses are for Telecom (-11.3%), Take off (-10.6%) and Ternium (-8.7%).
For its part, in the local square S&P Merval rebounds 4.4%so for local stocks it is a green day and the spearhead is also Transener which rises 7.8%; followed Southern Gas Transporter which makes it 7%, and Supervielle Group which rose by 6.7%.
What Caputo told the ALYCs
And Caputo expressed that July will report the lowest inflation of the year, suggesting it will be below 4.2% recorded in May. In addition, it projected that inflation could start at 1% or 0% in September. It also assured that the maturities of dollar debt until January 2026 are guaranteed by repos, using bonds as collateral.
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“Yesterday we tried again to bring calm to the market, anticipating the ALyCs that Capital payment is almost guaranteed for one year and a half,” says the daily report of Banco CMF. This would have been achieved thanks to obtaining a repo with foreign banks, with securities as collateral – not gold, as was speculated. The announcement was made yesterday at a meeting led by Caputo and Bausili.
As explained Leonardo Svirsky, market analyst“after Caputo’s meeting yesterday with the main Alycs, The market reacts very positively“and believes that the signals given by the Government to the market “are very good news.”
Source: Ambito
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