Friday, December 09, 2022

S&P Merval and ADRs jumped heavily; Country’s risk at lowest level in two months

Argentine papers listed on Wall Street favored this tailwind and rose to 6.2% The leadership of the financial sector in the hands of Banco Superville. Telecom (+6.1%) and YPF (+5.3%) also remained out. The decline, for their part, was led by Adenor and Despegar with 0.6% and Tenaris with 0.4%.

Buenos Aires stock market rose 1.8% to 142,777.62 units, after scoring an intraday all-time high of 143,037.52 points in the last four days and depositing an advance of 9%. In the leading panel, the rise of Central Puerto (+7.1%), YPF (+5.7%), and Cresud (+5.3%) stood out. As for the losses, they were led by BYMA (-2.9%), and Adenor (-0.7%).

The government is looking to apply for a loan from the IMF within the framework of its new Flexibility and Stability Fund (FRS). whereas, Sergio Massa will visit the United States in the week of September 6 in his first foreign tour as MinisterTo visit Washington and Houston where he will hold meetings with the IMF and businessmen.

“The measures announced by the new economic leadership are aimed at reengineering the program with the IMF and logically slowly channeling the economy. However, questions remain,” said Gustavo Reyes of the Mediterranean Foundation. “Debt swaps disintegrate in the short term at year-end, but the government continues to have limited access to the credit market.”

“The announced savings from both the budget cut and the tariff hike are limited in view of the deficit in the public accounts”Reyes off.

Bond and Country Risk

in that framework, sovereign bond The dollar started the day strongly, but then the trend reversed and closed with a majority. The main increases were for global 2046 (+2%) and global 2041 (+0.4%). The decline was led by Global 2029 (-2.5%) and Global 2030 (-1.2%). For its part, the country’s risk appetite, framed by JPMorgan Bank, fell 22 units to 2,314 points, its lowest level in two months.

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