He S&P Merval It extends its rebound this Thursday and is aimed at closing the week with a faint rise as in January. The Bonds in dollars they fight to stay up, while the country risk yields slightly, although it fails to pierce the 600 points.
Operators point out that the market is betting on a according to the International Monetary Fund (IMF). During the last days, an international bank suggested a possible devaluation to close an agreement with new disbursements. However, the Minister of Economy, Luis Caputodenied the versions and catapulted: “Nothing that is being said is correct”.
He S&P Merval Opera upwards, upload a 23% to 2,604,112,18 basic points. Within that framework, the biggest profits are for BBVA (+5%), followed by Pampa Energy (+4.9%), Northern Gas Transporter (+4.6%), and Port Central (+3.6%).
In Wall StreetArgentine actions are dyed green. The ones that rise most are IRSA (+3.8%), Black Loma (+3.6%), Pampa Energy (+3%), Port Central (+2.6%) and Galicia Financial Group (+2.5%).
“Obviously there is a generalized euphoria with the government of Javier Milei, who is getting a lot to lower the country’s risk value and with that also increasing fixed and variable income. In the world context, there is an improvement of values, so markets are also catching that tail wind, “he analyzed in dialogue with Scope, Eric Paniagua of Epyca consultants.
Debt and tender exchange
This behavior occurs in a context marked by The recent debt exchange, in which the Ministry of Economy managed to renew only 75% of weekly maturities, With an adhesion of 19.5%.
“After a tender in which all maturities in pesos were not possible to cover, we believe that it is worth noting that the reason could have come on the side of liquidity in pesos. A look at the increase in the stock of active passes of the banks, and the fall in the stock of Lefis Private banks in recent weeks, can reveal certain pressures on liquidity. In this context, we believe that the non -renewal of all maturities may have been associated with liquidity needs, leading to overcome payments to get pesos, “they analyzed from the market.
In parallel, the City remains on the expectation of possible ads by the Central Bank (BCRA) in relation to adjustments in interest rates, within the framework of an upcoming meeting of its directory.
“Since the last treasure debt tenders in pesos, the Government has been lowering the rate, so we believe that we are highly like a decrease in the reference rate of the BCRAmore considering the decline of 1% crawling Monthly, which will begin in February, “they added.
And they completed: “We believe that while the rate could lower, Lefi’s carry trade against Crawling Peg will remain above the current situation. We consider that the government must calibrate the expected rates with the fall in demand for liquidity in pesos that seasonally takes place in February. “
Bonds in dollars and country risk
The Bonds in dollars They turn around and some fall. Those who operate with more profits are the Global 2046 (+1.9%), followed by the Bonar 2029 (+1%), and the Bonar 2030 (+0.4%), while among those who lower the Bonar 2038 (-0.4%), the Global 2041 (-0.4%) and Global 2029 (-0.3%).
In that context, the country risk low 0.8% to 606 basic pointsaccording to the measurement of JP Morgan.
Source: Ambito

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