Hear
In recent weeks, the climate in the markets has changed. Behind the rally bullish trend in financial dollars, which have accumulated increases of 22% since mid-May as a result of the drop in interest rates, in the last rounds the attention was focused on the sharp falls in Argentine bonds and stocks.
The setback suffered by the Government in Deputies, after the half-sanction of a new retirement formula, ended up consolidating the trend of red numbers. This Thursday, sovereign debt securities fell up to 4% and The country risk consolidates above 1,500 basis points.
“The relative ease of the opposition in giving half-sanction in Deputies to a retirement formula that implies greater spending than the one that the Government promulgated by decree was evident. That brought some uncertainty to the market regarding whether the Executive will be able to sustain the fiscal surplus. box base that is shown. President Javier Milei said that he would veto any initiative that compromises the fiscal balance, but we will closely follow the political dynamics as drivers more than important in the short term,” considered Juan Manuel Franco, Chief Economist of the SBS Group.
In the first negotiations of the day, the bonuses of the last debt exchange operate in negative territory, in all their maturities and legislations. The Bonares, which are governed by local law, fall to 4.01% (this is the case of AL29D). Globals, which depend on foreign law, fell to 3.84% (GD30D).
This directly impacts the risk country, since this index prepared by JP Morgan measures the difference paid by United States Treasury bonds (considered the safest assets in the world) compared to the rest of the countries. Today, this indicator rises 57 units and reaches 1,585 basis points (+3.73%), the highest value in three months.
“The overwhelming victory of the opposition in the Lower House not only demonstrates how difficult it will be for La Libertad Avanza to govern with a parliamentary minority, but also calls into question the feasibility of implementing the structural reforms promoted by the government.. This is reflected in a complicated climate for our assets,” agreed the analysts at Portfolio Personal de Inversiones (PPI).
The Buenos Aires stock market is also going through a negative day and gives up 4.3%. Today, Transportadora de Gas del Norte leads the decline, with 6.3%, followed by Banco Macro (-5.5%), BBVA (-5.5%), Grupo Financiero Galicia (-4.5 %), BYMA (-4.2%) and Sociedad Comercial del Plata (-4.2%).
The same happens with Argentine stocks listed on the New York Stock Exchange (ADR). The papers of BBVA fell 5.5%, followed by those ofl Galicia Financial Group (-4.2%), YPF (-3.7%), the Macro Bank (-3.7%), the Supervielle Bank (-3.4%) and Pampa Energy (-3.1%).
For the second consecutive round, free dollars are taking a break, after having accumulated increases of close to 22% in the last three weeks. He blue dollar sells for $1250 in the Buenos Aires downtown, the same value as the previous closure.
Meanwhile, the MEP dollar appears on capital market screens at $1,275.15, representing a daily drop of $8 (-0.6%). He cash with settlement (CCL) It is trading at $1298.66, about $5.7 less than yesterday (-0.4%). Even so, so far this week they have accumulated increases of $59.2 (+4.9%) and $51.24 (4.1%), respectively.
