Unstoppable rally of the shares: the S&P Merval in dollars already rises 35% from the April floor

The Argentine actions They extended their Tuesday their Good performance observed since the beginning of the month and They advanced up to 5.4% in Wall Street, driven by him good global climate after the tariff truce between China and the US, And the relief that brought an inflation fact in the US, surprisingly, less than expected. Indeed, the S&P Merval in dollars climbed another 1.8% and already accumulates a gain of 35% since the minimum of April.

Surrounded by a greater global appetite at risk, the Argentine papers that rose the most in New York were Edenor (+5.4%), Central Puerto (+4.1%), Corporation America (+3.3%) and Pampa Energía (+3.2%). So far from May, several local actions already accumulate two -digit promotions, with the outgoing cases of Port Central (+22.1%) and YPF (+20.5%).

In the local square, meanwhile, The S&P Merval index won 2.5% in pesos to 2,285,483 points, while measured in dollars (CCL) reached 1,964 points, its highest level from the end of February. With this advance, the leading panel in hard currency accumulates Six consecutive days on the rise and a 35% jump from the floor of the year of 1,455 points, registered on April 8.

Among the most outstanding actions of the day appeared Silver Commercial (+11.5%), Bank of Securities (+9.1%) and Transener (+8.1%). “The Merval remained partying. Between Monday and Tuesday he accumulated a rise of 8.1%,” they said from PPI.

The stock market euphoria had a key seasoning: April inflation data in the United States was better than expected. The IPC rose a monthly 0.2% (vs. 0.3% estimated), and in interannual terms it marked 2.3%, the lowest level since February 2021. The core inflation also surprised with a monthly advance of 0.2%, below the projected 0.3%. Thus, in Wall Street, The Nasdaq rebounded 1.6%and the S&P 500 0.7%, while the Dow Jones fell 0.6%. Thanks to the advancement of technological ones, the S&P 500 erased the losses of the year.

Unlike 2024, The behavior of local actions in 2025 began to be coupled to the feeling of investors globally, particularly from the imposition of Donald Trump tariff They remembered from IEB Group.

However, in recent weeks, international uncertainty began to moderate with the tariff truce between the US and China, and With this, local actions moved in line with the upstream of Wall Street. Now, if local factors accompany, that is, If the ruling party makes good mid -term elections, “We can see a good performance for Argentine actions during 2025”, beyond the trend to global novel, Agreagron from IEB.

For now, in Argentina, the focus of investors andIt is put in the April inflation fact that Indec will make known this Wednesday at 4:00 p.m., First figure under the new exchange scheme. According to PPI, its estimate for the CPI GBA, extrapolating CABA data, It is 2.6%, below 3% anticipated by Minister Luis Caputo.

Bonds, country risk and tender in pesos

In the fixed income segment Already difference from the shares, the dollars in dollars operated with a majority of casualties. The most marked falls were for Bonar 2029 (-0.9%) and Global 2029 (-0.8%), while the Bonar 2038 (+0.6%) and the Global 2046 (+0.5%). Even so, the country risk remained close to the 660 basic points, by fourth consecutive wheel below 700.

The Bopreale, meanwhile, operated without a defined tendency and uploaded about 20 cents average in all their series.

The CER segment in the meantime showed shy demand and advanced 0.1% average. The fixed rate segment alternated increases and lows along the curve and was on average Flat, while the Tamar and Dual section won 0.1%.

The Treasury will carry out its first bid in May. While the original maturities were around $ 7.4 billion, the previous exchange of the LECAP S16Y5 For September, the S30s5, reduced that amount to $ 5.38 billion. The Ministry of Finance It will offer only instruments in pesos, dismissing for now the options in foreign currency.

“The official intention seems to be leaving pesos in the market to continue with the reactivating impulse. A partial renewal would not generate direct pressure on the exchange rate,” Analyzed Pablo Lazzati, CEO of Insider Finance. As for the offer, Lazzati stressed that “The TTDM26 are attractive because they provide a double coverage: if inflation does not lower as expected, they pay for closure; and if they do, they pay for a fixed rate. That is why we expect a good adhesion.”