The US economy’s growth slowed considerably in July, while Asian markets closed in the red, which had a direct impact on Argentine assets.
The dollar-denominated bonds fall again this Friday in the middle of a adverse international context and the dynamics of reserves of the Central Bank (BCRA), which worries investors. The region has recorded resilient economic growth in a context of decreasing inflation and most central banks are easing their monetary policy ahead of the Fed.
In the local market, in recent days there has been a strong movement in the bond market, especially driven by the buying and selling of dollars in the financial marketwithin the framework of the foreign exchange intervention policy carried out by the Central Bank (BCRA). This put the market’s focus especially on the AL30 and the GD30, which are the most used to operate in that market.
In this context, the casualties They are led by Bonar 2030 (AL30), which yields 0.9%followed by Bonar 2029 (AL29), which fell 0.6%, and Global 2035 (GD35), which fell by 0.4%.
For the financial analyst Leonardo Svirsky This decline is due to the fact that all the markets in the world are operating in the red, Japan raised rates to 0.25% and the Nikkei fell almost 6%. In addition to all this, he mentions that the unemployment rate in the United States The economy turned out worse than expected and the world’s currencies are devalued, especially in Brazil and Mexico. All of this “is reason for the market to be negative.”
“The The region’s monetary policy will continue to be limited by the prolongation of inflation and a likely shallow monetary easing campaign by the Federal Reserve, and fiscal concerns will persist in some countries as high borrowing costs translate into high overall fiscal deficits,” says Thomas Haugaard, Portfolio Manager on the Emerging Markets Debt Hard Currency (EMD HC) at Janus Henderson.
News in development.-
Source: Ambito
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