After flying almost 30% in dollars in four days, the S&P Merval stopped the country and the country risk yielded to 725 points

The Argentine assets They stopped their upward climb this Tuesday, April 15, after registering a day historical on Monday After the flexibility of exchange rate (especially for natural persons)expected for a long time by the market. In that framework, The country risk was located below 730 points, after sinking 19.1%, to touch minimums since March.

However, the S&P Merval 3.4% fell to the wheel 2,284,279.53 units, while measured in dollars yielded 2.3% to 1,839 points. So and everything, in the last five wheels the Leading byma index advanced 26.4% measured in hard currency (almost 30% until Monday).

Among the leading actions that fell were those of Ternium (-4.3%), Aluar (-4.9%), Macro Bank (-4.4%), Supervielle Group (-4.1%) and South gas transporter (+4.1%). Meanwhile, the ones that uploaded the most were Passener (+2.2%), Bank of Securities (-2%), Edenor (+1.5%), IRSA (+0.3%) and Northern Gas Transporter (+0.2%).

For its part, the Argentine papers that quote in Wall Street They went back to 3.8%, headed by YPFfollowed by Black Loma (-3.7%), Supervielle Group (-3.6%), and Galicia Financial Group (-3.2%). At the far end, Free market It rose 4.2%, while Edenor He won 2% and Cresud 0.8%.

Despite the gains of the ADRs, in the last five business days they climb up to 37.3% of the hand of Supervielle Groupfollowed by Macro Bank (35.7%) and Edenor (34.8%).

The market monitors phase 3 of the economic program after IMF disbursement

After the implementation of the self -denominated “phase 3” of the economic programon Monday There was also a visit to the country of the US Treasury Secretary, Scott Besentwho met with the Minister of Economy, Luis Caputo, and the President, Javier Milei. In the statement of the Treasury Secretariat, said the full support of the US to the “Bold economic reforms”.

This Tuesday the US $ 12,000 million to the reserves of Central Bank (BCRA) of the new agreement with the International Monetary Fund (IMF). In that context, funds in foreign currency jumped to U $ 36,799 million.

“Today the BCRA ended without intervention in the Mulc wheel, the volume was lower than yesterday (US $ 413 million vs. U $ S547 million),” said Nicolás Cappella, Sales Trader of Grupo IEB.

This week they are expected to enter some US $ 1,500 millions of other international organizations and a repo of U $ 2,000.

The market remains expectant to the price of the official retail dollar, which rose to $ 1,233.99, After the exit of the exchange rate, waiting for the first data of the BCRA. For its part, The wholesale dollar opened $ 7 above Monday’s closure, although it later cut the rise and closed at $ 1,200. As for the National Bank, the currency quoted $ 1,230.

“It will be key to see where the official dollar begins to be more or less stable within the band, to begin to see how the ‘pass This’ could be inflation in the coming months. Another point to monitor will be the Agro settlement In full thick harvest, with an official dollar better than the previous ‘Blend dollar’, and see how much pressure this flow exerts on the price, “he said Juan Manuel Francochief economist SBS group.

Another of the variables waiting for the market is the fiscal result of March, which leaves tomorrow after the inflation acceleration of that month. “We will see how the government fiscal surplus was in last month,” Cappella added.

In the International Front, the Government of Donald Trump He advanced with plans to apply tariffs to imports of semiconductors and pharmaceutical products. China, in response, ordered its airlines not to receive more deliveries from Boeing aircraft.

Beyond this, Trump suggested a pause in car loads, adding a new gesture of distension to the already positive impact generated by tariff exemption on certain electronic consumer products.

Bonds and Risk Country

The Fixed incomein turn, closed mixed after decolaring and climbing until 11% In the previous wheel. The Bonds in dollars that the most rose were the Bonar 2041 (+1.3%), the Global 2038 (+0.6%) and the Global 2041 (+0.5%), while among those who lower the most Global 2046 (-1.2%), the Bonar 2035 (-0.7%) and the Bonar 2030 (-0.7%).

In that context and after a day almost without variation due to a fall in its system, the country risk remained in 725 points, according to the measurement of JP Morgan. It is its minimum value since March 12.

“The bonds take a respite in their dollar contributions among the main references, with the risk already accommodated closer to the 700 basic points, while investors continue to anticipate an initial convergence towards the 500 basic points in search of recovering access to the credit market,” said the economist Gustavo Ber in its local panorama.