In the middle of a global volatility climate by Commercial tension between the US and Chinathe Buenos Aires bag a streak of five consecutive casualties cut on Tuesday and bounced, while the Sovereign bonds in dollars quoted mixed.
The recent placement of a bond for institutional investors and the next goal of accumulation of reserves agreed with the International Monetary Fund (IMF) These are issues that are maintained in the analysis of investors, at a time when inflationary pressures seem to be attenuated and most analysts expect that the IPC It could mark below 2%, something that accelerated the sales of the CER titles.
Within this panorama, the S&P Merval rose 0.8% a 2,224,637.93 pointswhile measured in dollars increased 05% to 1,854 units.
Among the actions that were most appreciated, I highlight Bank of Securities (+6.1%), Silver Commercial Society (+3.3%), Northern Gas Transporter (+2.8%), Pampa Energy (+2.8%), Metrogas (+2.8%) e YPF (+2.1%).
In Wall Streetlocal papers also scored a majority of increases, up to 2% of the hand of YPFfollowed by Pampa Energy (+2%), Black Loma (+1.5%) and BBVA (+0.7%). At the other extreme, they fell Cresud (-1.9%), Supervielle Group (-1.2%) and Macro Bank (+0.4%).
Towards June 13, Argentina must face a first review of goals with the International Monetary Fund (IMF) and demonstrate a extra accumulation of US $ 4,400 million reserves for the BCRA, within the framework of the recent agreement for US $ 20,000 million with the credit agency.
With the FMI disbursement funds, the monetary authority made its reservations to grow up to almost US $ 40,000 million gross weeks ago, although Currently the figure falls below US $ 38,000 million, according to provisional official data.
“The market has been putting the eye on the exchange plane, with the focus on the flows, in a context in which the real exchange rate is at low levels compared to previous years. Since the dollar did not go to the floor of the exchange band, the Central Bank remains on the sidelines and does not buy dollars, making the June reserve goal look highly difficult to meet”said Juan Franco, chief economist of Grupo SBS.
“While we do not believe that this implies a problem, we do believe that it would be a good signal to begin to accumulate genuine reserves so that the exchange calm does not depend on debt placements that allow the entry of dollars,” He said.
President Javier Milei gave importance to the issue, saying that this differential will be covered with the recent placement of Bonte 2030 for 1,000 million dollars, a “repo” of about 2,000 million dollars with private banks and another section of fresh money from the IMF itself.
Bonds and Risk Country
In the fixed income segment, the dollar titles closed mixed with rises of up to 0.5% headed by the Bonar 2029followed by Global 2046 and the Bonar 2035both with advances of 0.4%.
Meanwhile, the most significant casualties were those of the Bonar 2041 (-1.1%), escorted by him Global 2029 (-0.7%) and the Global 2041 (-0.5%).
The curve in mixed Opero pesos with greater demand for fixed rate titles and dual “The market continues to bet on a good inflation fact (less than 2%) for next week”Nicolás Cappella said. Along those lines, the CER titles suffered casualties again and operated around 9% and 10% in sections 2026 and 2027. Recall that Indec will announce the IPC of the fifth month of the year next week.
The country risk, which measures JP Morgan, closed on Monday in 673 basic points. Analysts consider that this indicator should fall for below 550 basic points As if to think about a government return to international debt markets, a level that touched at the beginning of the year and far from the almost 700 units where it moves these days.
“We see preferable the accumulation of reserves (of the BCRA) since it would imply greater confidence for the bond holders allowing the fall of the country risk and thus the Government can renew its expirations of debt without making payments with reservations,” A market analyst commented. Six weeks ago, the BCRA does not intervene in the wholesale dollar cash exchange market, although it usually has an active participation in futures businesses where it does through heavy contracts.
Source: Ambito
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