Bank ADRs rise up to 5% on Wall Street, and accumulate increases of more than 100% in the year

Argentine stocks are trading positively on Wall Street this Wednesday, August 14. The Argentine ADRs are registering general increases, following the publication of the July inflation data in the US, which was the lowest in three years. Thus, Financial securities have accumulated increases of more than 100% so far this year.

In Wall Streetthe shares of Argentine companies rose by almost 5%, led again by the banking sector. In this session, the spearhead was the BBVA which climbs 4.7%. It is followed by Macro Bank (+3.1%); and BBVA Bank (+2.1%).

In the local square, the S&P Merval rose 0.5% to 1,600,312.49 points, making it a positive day for local stocks. The trend on Wall Street is replicated in the local market with the Macro Bank climbing 4.4%. Galicia Financial Group (+2.9%), and BYMA (+2.4%).

The tailwind coming from Wall Street

The possibility of lowering interest rates in the United States during the next Federal Reserve (Fed) meeting in September gained momentum this Wednesday after official data reported a decline in inflation in July.

The consumer price index (CPI) fell in July to 2.9% year-on-year, down from 3% reported in Junethe lowest level since March 2021, according to data published by the Department of Labor.

The CPI was slightly below the average established by economists surveyed by Dow Jones, Newswires and The Wall Street Journal.

“The CPI reading was received calmly by Wall Street, after the rally that the PPI unleashed yesterday, given that it did not change the more friendly inflationary outlook too much, despite which Domestic assets extend recent strength ahead of afternoon CPI data“, he analyzed Gustavo Ber.

And he added: “Hence, The S&P Merval has so far gained 2% in dollars, within a more sustained performance among the main ADRseven though a break could begin to prevail – as a form of consolidation – after the strong recovery attempted.”

Bonds and country risk

In that context, Hard currency securities rise up to 3%such is the case of Global 2046. They also operate with increases Global 2030 and Bonar 2030, in both cases 1.4%. Thus, the Argentine country risk, that measures the JP Morgan threatens to pierce the 1,550 units.

The debt in pesos registers increases in the case of bonds linked to CER up to (+1.7%) by the TZX28. The Lecapsrise slightly but the BOPREALES mostly fall. Dollar linked, for its part, loses up to 1.4%.

At a global level, it is observed that “the markets are a little more stable,” according to the financial analyst. Leonardo Svirsky to Scope. The New York Stock Exchange traded higher, driven by wholesale prices in the United Stateswhich reflected expectations one day before the consumer price index for July is published.