Argentine assets cannot sustain the rebound of the day before, affected by the negative trend shown by the main shares of Wall Street
By mark phillip
02/24/2023 – 2:50 p.m.
He S&P Merval index it falls back 0.78% and stands at 247,423.99 basis points. Meanwhile, in hard currency it is trading at 665 units. In the external market, the ADRs of Argentine companies that operate abroad trade with reds of up to 3.3%, led by Globant, in a wheel in which the main US shares operate with a bearish trend.
In the fixed income segment, the sovereign dollar bonds under foreign legislation they could not sustain the rebound of the two previous days and registered decreases of up to 2.84%, led by the Global 35, while the titles in pesos with CER adjustment mark increases of up to 0.78%, where the performance of the TX28.
Market sources explained to iProfessional that members of the Palacio de Hacienda would have met with technical officials from the IMF to request a waiver (a permit to fail to meet a certain financial objective), since as a result of the impact of the drought on the collection it will not be possible to meet the reserve goal established for This trimester.
Why would you ask for the waiver? Specifically, the primary fiscal result January recorded a deficit that is around half of what was established for the entire first quarter, partly due to the drop in export duties (although there were also some increases in primary spending); At the same time, the BCRA accumulates significant sales in the MULC, making it difficult to meet the reserve goal for the first quarter of the year.
What happens in the markets of the world
US stocks trade at a loss, after learning that the personal consumption expenditure index – one of the most closely watched inflation indicators of the Federal Reserve – came in stronger than expected, giving another sign that price pressures are stronger than estimated.
Thus, the Personal Consumption Expenditures (PCE) price index increased 0.6% in January and 5.4% compared to last year. On a “basic” basis, which excludes volatile components of food and energy, prices rose 0.6% in the month and 4.7% from last year.
The Buenos Aires stock market and sovereign bonds in dollars operate with falls
The report of Department of Commerce it also showed that consumer spending rose 1.8% last month from December, after falling the previous month.
The figures support recent indications that the inflation it is not falling at the rate and to the extent that investors expected, even as prices have stabilized from the peaks of the current inflation cycle.
Wall Street
The main Wall Street indices are trading with negative results. Thus, the S&P 500 falls 1.38%; the industrial Dow Jones subtracts 1.18; and the technological Nasdaq fell 1.81%.
Merval
The Merval registers a fall of 0.78%. Thus, the falls of the leading actions are registered by Cablevisión (-1.67%); Central Puerto (-1.42%); and Aluar (-1.23%).
ADRs
On Wall Street, the papers of Argentine firms operate with results in the red. Thus, the falls correspond to Globant (-3.3%); Tenaris (-3.10%); and Take off (-2.80%).
bonds
Sovereign bonds in dollars under foreign legislation could not sustain the rebound of the previous days and registered decreases of up to 2.84%, led by the Global 35, while titles in pesos with CER adjustment mark increases of up to 0.78% , where the performance of the TX28 stands out.
Risk country
The country risk is located around 1,989 basis points.
