Friday, September 30, 2022

S&P Merval registers its seventh rise in 8 days, and bonds rebounded against the dollar

Against that background, with a steep drop of financial exchange ratesWere Leading S&P Marvel Index Chasing seven advances in the last 8 wheels, it rose 1% to 123,333.93 units.

Shares of YPF were up 3.5% on Wednesday after reporting earnings of 94,063 million pesos ($751.2 million) in the second quarter of the year. compared to a loss of 46,262 million pesos in the corresponding quarter of the previous year. Its performance in the day was also highlighted Transportadora de Gas del Sur (+4.6%), and BBVA Bank (+3.1%).

have talked $13,455 million in variable income, Of which 88% were in line with seeders.

Investors were watchful of the consumer price index (CPI), which rose to 7.4% in July, the highest figure in 20 years, as it compared with the jump of 10.4% recorded in April 2002 after exiting convertibility . To try to contain the rise in prices and stabilize the foreign exchange market, Following the line drawn by Minister Massa last week, the BCRA raised its reference interest rate by 950 basis points to 69.50% per annum. Also the rate of retail fixed deposits increased from 61 per cent to 69.5%.

“The BCRA surprised the market with the rate hike. As such, it is set to quell the excesses of inflation expectations and, at the same time, seeks to encourage the liquidation of agriculture,” Commented from PPI.

The Reason? Try reversing your sell position in MULC which concerns: -$s822 million so far this month. This Thursday, he just bought $3 million in the forex market, which took 2 days of brief buying. Subtract the tread of the oncoming wheels to confirm a change in trend, he added from the PPI.

From Aurum Velores, he indicated that “The BCRA seeks to reduce the exchange front by increasing the cost of borrowing in pesos to 69.5% so that the dollar is liquidated. In addition, it would force the Treasury to raise the rate in the next tenders (just over $110,000 million to expire between 08/16 and 08/31 in August), raising fiscal and semi-financial costs.

The market remains watchful for the implementation of a series of economic measures recently announced by the new Economy Minister Sergio Massa, which seeks to reduce the fiscal deficit, strengthen the BCRA reserves, reduce inflation and boost trade. Is.

Argentine stocks on Wall Street

On Wall Street, meanwhile, Argentinian stocks were mixed. advances were led by South Gas Carrier (+4.9%); Macro Bank (+4.6%); and YPF (-4.4%). Among the losses, the Mercado Libre papers stood out (-3%); supervision group (-2.2%); and Adenor (-1.3%).

In the US, on the other hand, wholesale inflation was known for July, showing a deflation of 0.5% m/m when growth of 0.2% was expected (inter-annual variation of 9.8% versus 10.4% expected).

The weight is given on the east side, The market took a break after yesterday’s rally and the S&P 500 fell 0.1% after being up 1%. For its part, the 10-year bond rate climbed 11 basis points to 2.89%, while WTI oil rose 2.4% to US$94.15.

Bond and Country Risk

In the fixed income segment, sovereign bonds denominated in dollars After a similar decline the previous day, and finally in line with the sentiment of their rising peers, they jumped over 3.5%. gave advance feedback AL Global 2038 (+3,5%); al global 2041 (+2,8%) and global 2030 (+2,4%).

for his part, country at risk Measured by JPMorgan Bank down 1.4% 2,442 units,

In the peso segment, the CER titles closed uneventfully, With July inflation numbers already discounted by the market, advances were led by PR13 (+2.2%) and Quasipar (+1.2%). Casualties, meanwhile, appeared to cross (-1%); and Bonsar 2023 (-0.7%, TX23).

For their part, dollar-denominated sovereign bonds were in demand and with good volume, especially in the small segment: they gained an average of 0.5% along the curve (except for Q2V3, which closed steady), Highlights from SBS Group.

The Ministry of Economy tendered some 182,000 million dollars this Thursday Three Treasury bills in pesos maturing in 2022 and 2023, 85 in debt swaps with short-term maturities for some 2 trillion pesos (about $14.95 billion) for double bonds (dollar-link/inflation) maturing in this week After getting % approval. June, July and September 2023.

Dual bonds manage to protect investors from inflation and/or devaluation, explained Delphos Investing. “We think there is some appeal in the shares. However, given the massive maturity coming next year, investors should remain cautious.”

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
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