Despite a heavy start, the Buenos Aires stock market rose 0.2%, with investors attentive to the concessions that the Milei administration is offering with the opposition deputies, with a view to obtaining the sanction of the Bases Law and the fiscal package in the Lower House. In this way, the index now stands at $1,180. In the external market, the shares of Argentine companies that are traded abroad marked a majority of drops of up to 5.4%, in a positive business climate round on Wall Street.
In the fixed income segment, sovereign bonds in dollars under New York legislation were traded with increases along the curve of up to 1%, led by the Global 30, while securities in pesos with CER adjustment marked gains of up to 0.4%, led by TX26.
At the local level, the government yesterday obtained an opinion to hold a session tomorrow from 12 noon on both the Base Law and the fiscal package in the Chamber of Deputies, after the modifications in the Senate. Although Deputies had already given half sanction to the initiatives, the projects had to return to that Chamber after the Senate approved the legislative initiatives with modifications two weeks ago.
The ruling party failed to It will be agreed with other blocks to include some public companies again to the list of those likely to be privatized, so the market will be particularly attentive to the fine print of the articles related to IIGG and BBPP, after these were rejected in the Senate.
What is happening in the world’s markets
The main Wall Street indices were traded with a positive trendas investors look for signs of life in the technology-driven rally and gauge the prospects for policy rate cuts from the U.S. Federal Reserve.
Several rocky sessions left investors wondering if the drag on stocks is temporary or the start of a more solid pullback. The huge impact of Nvidia’s actions on overall performance highlighted the issue.
The enormous impact of Nvidia’s actions has Wall Street in suspense
At the same time, the market is watching economic data for signs ahead of Friday’s key PCE inflation release. Federal Reserve spokespeople this week highlighted their caution in deciding to make interest rate cuts, depending on the data.
Finally, the Consumer Confidence Index (CCI) prepared by the Conference Board was published yesterday. The CCI measures the sentiment of consumers regarding their economic expectations and financial, they can be optimistic (reading above 100) or pessimistic (below 100). In this way, the June reading stood at 100.4, evidencing a decline in consumer confidence compared to May (101.3, revised data).
Wall Street
Wall Street’s main indices recorded positive results. Thus, the S&P 500 gained 0.16%; the industrial Dow Jones advanced 0.04%; and the technological Nasdaq advanced 0.49%.
Merval
The Merval marked an increase of 0.2%. In this context, the increases in the leading stocks were recorded by Sociedad Comercial del Plata (4.3%); Cresud (3.2%); and Ternium (3.1%).
ADRs
On Wall Street, the papers of Argentine firms were negotiated with a majority of adverse results. In this way, the losses were recorded by Grupo Financiero Galicia (-5.4%); Take off (-5.2%); and Transportadora Gas del Sur (-4.2%).
Bonuses
In the fixed income segment, sovereign bonds in dollars under New York legislation were traded with increases along the curve of up to 1%, led by the Global 30, while securities in pesos with CER adjustment marked gains of up to 0.4%, led by TX26.
Risk country
The country risk is around 1,429 basis points.
