Wednesday, November 29, 2023

Merval failed to sustain the rebound and recorded its sixth consecutive decline, while ADRs fell to 5%

Despite the good start, the Merval It fell 1% and stood at 543,252.12 basis points on Tuesday, making it six consecutive rounds of declines. Meanwhile, in hard currency it is quoted at 700 units. In the external market, the ADRs of Argentine companies operating abroad closed with the majority of losses up to 5%, where the decline of Grupo Financiero Galicia stood out, in a phase where the main US stocks ended in fall.

On the fixed income side, sovereign bonds in dollars Under foreign legislation, they registered increases in most of their sections of up to 2.18%, led by the Global 35, while peso titles with CER adjustment marked a decrease of up to 2.40% , where the performance of the TX26 stands out.

In the peso market, the Treasury will tender tomorrow one Lelite for October, two Lecers (X18E4 and the new X20F4), two Boncers (T6X4 and T4X4) and the dual TDJ24 bond. On this occasion, they face maturities of around $245 billion, leading TDS23, whose holding we estimate is almost exclusively in private hands.

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This is the last tender of the month and the goal is to expand the net financing obtained in the month, which will amount to $954.1 billion after the two previous tenders in September.

What is happening in the world markets

Wall Street recorded sharp declines in its main indexes while the market faces a greater probability that the Federal Reserve will not reduce interest rates in the short term.

In this regard, Fed policymaker Neel Kashkari said that due to the surprising strength of the US economy, the central bank will probably have to raise rates again and keep them high to cool inflation.

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Wall Street registers lower in its main indexes, pending the FED’s decision on interest rates

New data released on Tuesday showed a decline in consumer confidence in September and a rise in US home prices to a record in July.

With concerns about a recession still playing out, JPMorgan CEO Jamie Dimon warned that markets may not be prepared for a worst-case scenario, in which the Federal Reserve raises rates. of 7% with stagflation. .

Adding to the pessimism is a warning from Moody’s Investors that the government shutdown will hurt the economy. With just a few days left before the September 30 deadline to reach a budget deal, history shows that a confrontation between the ruling party and the opposition will shake stocks.

Wall Street

The main indices of Wall Street traded with negative results. So, the S&P 500 fell 1.47%; the industrialist Dow Jones fell 1.14%; and the technology Nasdaq lost 1.57%.

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Merval marked a drop of 1%. In this context, losses in the main stocks were recorded by Banco Macro (-3.30%); Telecom Argentina (-2.57%); and Sociedad Comercial del Plata (-2.43%).


On Wall Street, the papers of Argentine companies were sold mostly in the red. In this way, losses were recorded in Grupo Financiero Galicia (-5%); Telecom Argentina (-3.9%); and Central Puerto (-3.2%).


In the fixed income segment, sovereign bonds in dollars under foreign legislation registered an increase in most of their tranches up to 2.18%, led by the Global 35, while securities in pesos with CER adjustment marked the increase -down to 2.40%, where the performance of TX26 stood out.

Risk country

Country risk is around 2,376 basis points.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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