Argentine assets ended the day in the green, despite the negative trend shown by the main Wall Street actions
By mark phillip
02/08/2023 – 6:25 p.m.
The S&P Merval index closed with an increase of 1.33% and was located at 250,090.39 basic points, in a highly fluctuating session. Meanwhile, in hard currency it traded at 682 units. In the external market, the ADRs of Argentine companies that operate abroad ended with the majority of increases of up to 4.9%, led by Telecom Argentina, in a session in which the main US shares operated with a bearish trend.
In the fixed income segment, the sovereign dollar bonds under foreign legislation registered increases of up to 1.25%, led by the Global 41while CER-adjusted peso titles left ups and downs along the curve.
In the peso market, the plaza is closely following the back and forth between the ruling party and the opposition over “the peso bomb” that the ruling party is going to leave for the next government. Market analysts explained to iProfessional that the position of Together for Change seeks to “destabilize” government financing.
“The statement issued by the main opposition force is enormously irresponsible, because we can go into a scenario of absolute instability throughout the Argentine economy. There is no variable in the current macro that is solid, so it remains to ask why these comments are being made if it is most likely that they will become the next government,” explained a well-known financial analyst from the City.
What happens in the markets of the world
Wall Street traded at a lossafter the previous session’s enthusiasm for Federal Reserve Chairman Jerome Powell’s use of the term “disinflation” faded.
On the corporate front, Microsoft shares fell 0.31%, despite enthusiasm for a new version of its Bing search engine that runs on a more powerful version of OpenAI’s popular ChatGPT natural language artificial intelligence technology.
The Buenos Aires stock market and dollar bonds registered gains
Uber shares rose 5.30%, after earnings for the final three months of 2022 beat expectations and Chief Executive Officer Dara Khosrowshahi said the company was focused on achieving profitability in 2023.
Chipotle shares plunged nearly 5% after the burrito maker’s earnings disappointed as higher input costs hurt profitability.
Wall Street
The main Wall Street indices traded with negative results. Thus, the S&P 500 fell 1.11%; the industrialist Dow Jones subtracted 0.61%; and the technological nasdaq fell 1.68%.
Merval
The Merval registered a rise of 1.33%. Thus, the rises of the leading shares were registered by Transportadora de Gas del Norte (8.70%); Transportadora de Gas del Sur (4.64%); and Telecom Argentina (4.42%).
ADRs
On Wall Street, the papers of Argentine firms ended with a majority of greens. Thus, the gains were recorded by Telecom Argentina (4.9%); Transportadora Gas del Sur (3.8%); and Pampa Energía (2.5%).
bonds
Sovereign bonds in dollars under foreign legislation registered increases of up to 1.25%, led by the Global 41, while titles in pesos with CER adjustment left ups and downs along the curve.
Risk country
The country risk is located around 1,914 basis points.
