Sunday , March 26 2023

Country risk exposes 700 points and at least one and a half months (S & P Merval is closed at low levels)


The more favorable outlook for emerging markets, as well as the steady currency market turmoil, contributed to a decline in the indicator produced by JP Morgan Bank since the end of last year.

Thus, the indicator showed a fall of five units to 698 basis points, similar to those observed at the beginning of December and far from almost 840 points, which increased at the end of last year.

In turn, in the fixed income segment The main names expressed in dollars increased the bulk of the day after the proposed day, although moderate.

The advance began to appear 2020 Bonar (+ 0.6%); discount (+ 0.5%); and a hundred year old premium (+ 0.2%). The exception was Bonar 2024, which lost 0.1%.

Adjustable CERs were still required for the peso segment, while Lecaps rates were adjusted to the 40/41% curve, according to the SBS report.

"It is clear that a better overall climate promotes the search for opportunities for correction, and in this game, Argentina's risk of punishment is an opportunity," said Pablo Castagna, Director of Portfolio Personal Inversiones.


On the day of the fall, the stock market in Buenos Aires was closed on a negative territory on Mondayunlike previous days, in the context of reduced businesses.

The Argentina's stock and market leading S & P Merval Index (BYMA) lost 0.3% to 33.771.24 unitswhere The YPF documents recorded a 2.4% drop.

Other significant victims were registered in Aluar (-3%); Cablevision (-2.1%); and Comercial del Plata (-2%).

The best of the day was seen in the general panel, increasing by 8%. Camuzzi Gas Pampeana benefited, reaching 8.1%; In addition, Metrogs increased by 7%; Dycasa regained 4.7%; and IRSA increased by 4.7%.

"It was a tedious wheel with little volatility and a small amount of business, as private papers usually carry negative deviations from the north," explained Rava analysts.

The amount sold in local shares was very discreet and just reached $ 448 million, which is 50% less than last Friday. Unchanged, there were 38 hikes, 40 accidents and 6 documents.

Starting this Monday, local stock market indexes they are joined by S & P in agreement with S & P Dow Jones. The measure is aimed at increasing visibility and the ability to operate in these documents, either directly or through indexes, ETFs (stock exchange funds) or other instruments, stress operators.

What does the market expect? Experts estimate that National risk compression will continue to be a key factor in achieving better estimates.

"The next analysis should be divided into two parts: economic and monetary, which seems to be on the right track, and political. The latter is logically a challenge that will not disappear in the coming weeks, but in particular will deepen the survey system that will come and go, and the definition of candidates, ”said Castagna.

Argentine stocks on Wall Street

On the other hand, Argentine stocks traded on the New York Stock Exchange move without a homogeneous trend with upward and downward trends, wheels where the main Wall Street indices are running lowafter the unexpected fall in Chinese exports, there was a fear of slowing global economic growth.

They stand out among the Argentine paper increases IRSA (+ 4.6%); and Cresud (+ 1.4%) until major accidents are recorded Pampa Energía (-1.8%); and Tenaris (-0.7%).

China's trade data increased the concern that US tariffs on US products are detrimental to the world's second-largest economy, which has already led companies such as Apple Inc to warn about its revenues.

Dow Jones Industrial Average was 0.2% lower; The S&P 500 index fell by 0.3%. The Nasdaq Composite Index lost 0.6%.

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