The coordinated plan between Luis Caputo and Santiago Bausili does not contemplate for now the direct purchase of foreign exchange in the official market, But it does include debt taking in dollars —As through agreements Repo and monthly tenders of treasure bonds (Bonte)– And greater control of the monetary base, with the issuance of a new Bopreal series.
Within that framework, the S&P Merval jumped 4.3% at 2,202,667.32 basic points, while Measured in dollars, he climbed 4.7%, his best record since May 12.
Within the leading actions The most advanced were Telecom (+7.3%), YPF (+6.6%), northern gas transporter (+5.9%), Galicia Financial Group (+5.4%) and Supervielle Group (+5.1%). Meanwhile, on Wall Street The ADRs won up to 7.7%with YPF to the head.
The two factors that promoted Argentine actions and bonds
Dante Ruggieripartner of AT Investments, said in dialogue with the scope that the rise responds, on the one hand to economic factors. “The LEFIS Elimination It is good news, since it should encourage greater competition between banks, generate a decrease in rates and, at the same time, consolidate the recovery of economic activity. Also It is favorable that the treasure begins to buy dollars Within the bands and that has achieved a good debt roll, “he deepened.
On the political level, Ruggieri added that “the Decision of the Supreme Court, which could leave Cristina Fernández de Kirchner out of the legislative career (CFK), It was positively interpreted by investors”
“Yesterday’s measures are surely explaining a good part of the rise of Argentine assets today. As for the outcome of the CFK cause, in the medium term it could have a positive impact for Argentine risk,” he added Juan Carlos Barboza Mariva Research Manager.
A few minutes after the closure of the markets, the Supreme Court of Justice unanimously confirmed the conviction to The head of the Justicialist Party In the road cause. In this way, it was ratified the six -year penalty and life disqualification to exercise public office, while It was acquitted of the crime of illicit association.
“The market and investors hate CFK and Peronism. They only trust Milei. Let’s not look at the next 15 minutes. If with CFK dam Peronism joins and has more chances, the market will not react as many believe, “he said in their networks Javier TimermanFinance specialist and brother of the late former Foreign Minister Héctor Timerman, after the judicial ruling.
Banctrust & Co reported that economic measures “seek to strengthen international reserves, since the Central Bank maintains its commitment to refrain from buying dollars unless the official exchange rate reaches the lower limit of the exchange band.” “At the same time, these reservations accumulation measures have been accompanied by specific adjustments to the monetary policy framework, aimed at strengthening disinflation efforts,” he added.
How did bonds operate in dollars?
The dollar bonds extended their upward streak to register their third day to thread with profitshighlighting those of Global 2038 (+1.8%), Global 2041 (+1.7%), and Bonar 2041 (+1.5%). On Monday the country risk closed in the 686 units.
The Government is excited with a fall in the referential towards the area of the 550 points to think about returning to the international credit market for private investors.
“In the early hours of the day, both in the local and outside square, Argentine assets showed a positive reaction to the new measures announced by the Government. Within the fixed income segment, sovereign bonds in dollars operated with generalized increases, especially in the longest sections of the curve such as the GD38 and GD41, which is logical since these these instruments are more sensitive to changes in the macroeconomic scenario“Tomas Ambrosetti, director of Guardian Capital, said.
Source: Ambito
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