“The external bad mood, within a climate clearly oriented towards prudence, has repercussions in the emerging (countries) and in this way also in domestic assets, where even the ADRs that were more sustained are already having a hard time decoupling”, said an economist.
In the local square, and stimulated by the rise of the CCL dollar, the S&P Merval index it maintained its upward trajectory by growing 1.7%, to 149,480.84 points thanks to purchases led by energy papers.
YPF shares stood out with an advance of 3%. President Alberto Fernández assured from the United States that in the coming days he will send Congress a bill to promote investments in the energy sector, which the country needs to reverse a severe deficit.
The papers of Cresud (+4,3%) y Telecom (+4,2%). $6,994 million in variable income were traded.
At the local level, the note was given by the financial dollar, which recorded another strong rise, this time of 2% (to more than $312), accumulating a jump of almost 4% in the week.
Despite the massive influx of foreign currency from the agro-export sector, the market remains cautious when it comes to defining investments given an inflation forecast for this year that could reach 100%.
“We are immersed in an inflationary inertia that is difficult to break (…) The official dollar can no longer be left behind against inflation,” maintained the economist Federico Furiase. Given the expectation of devaluation, “A stabilization program would be needed (…) difficult in the social context in which we live.”
The day after the Fed’s rate decision saw a volatile day on Wall Street with the S&P500 losing 0.8%, but the Nasdaq suffering more, losing 1.4%.
Treasury bond rates rose to levels not seen since 2011. The 2-year bond rate closed at 4.12% (+7 bp) and the 10-year bond at 3.71% (+18 bp). For its part, the Dollar Index rose 0.6% to 111.3, the highest since 2002.
Bonds and country risk
In the fixed income segment, and like Argentine stocks in New York, sovereign bonds in dollars ended downward trend, led by globals GD46D (-3.4%), GD30D (-2.1%) and GD29D (-2%).
In that sense, the risk country measured by JPMorgan It advanced 1.4% to 2,433 basis points, the highest level in a month.
On the other hand, bonds in pesos dollar-linked prices were in demand and gained 0.5% on average, with the volume concentrating on the short tranche.
Meanwhile, CER-adjusted debt traded mixed as while the leceres gained 0.55% on average, the bonceres were offered in the short section, recovering ground in the longest section of the curve.
Finally, the duals 2023 showed little activity in general, standing out the TDJ23 that concentrated the volume and rose 0.25%reported the SBS group.