The national variable income segment closed again in the green, despite the ups and downs registered by the reference stock indices
By Marcos Phillip
11/04/2023 – 18,38hs
He Merval it advanced 1.25% this Tuesday and was located at 259,963.40 basic points, encouraged by the papers of the energy and financial sectors. Meanwhile, in hard currency it traded at 651 units. In the external market, the ADRs of Argentine companies that operate abroad ended in positive territory of up to 7.3%, where the performance of BBVA Argentina stands out, in a wheel in which the main US shares operate with a mixed trend.
In the fixed income segment, the sovereign dollar bonds under foreign legislation they registered a majority of negative results of up to 1.70%, led by the Global 29while CER-adjusted peso titles closed practically unchanged.
As relevant data for the local market, late yesterday, the National Securities Commission (CNV) established that “the minimum period of stay in the portfolio will be one day for negotiable securities issued under Argentine law, and three days in the case of negotiable securities issued under foreign law”. Thus, the so-called “parking” falls from 2 days to 1 for Bonares and increases from 2 days to 3 for Globales.
From Portfolio Personal Inversiones they pointed out that the measure tries to generate some demand for the Bonares by facilitating the purchase of the CCL dollar through them, since “today it is much more liquid to do it via Globals, for which this differentiation of days could encourage some local players at the margin to rotate their position from aged bonds to Bonares”.
What happens in the markets of the world
Wall Street extended mixed results, with investors waiting for the Consumer Price Index (CPI) to be released tomorrow. The NYSE market sees the March CPI up 0.3% from February’s figure, which would bring the year-on-year inflation rate to 5.2%.
This expectation comes after the Labor Department reported that non-farm payrolls increased by 236,000 in March, slightly below the consensus estimate of 240,000. That’s down from a revised 326,000 in February, the slowest since December 2020. The unemployment rate fell to 3.5%, while the labor force participation rate rose to a post-COVID-era high of 2020. 62.6%.
The Buenos Aires stock market and Argentine shares on Wall Street extend the gains
With another strong jobs report in hand, investors are pricing in another rate hike from the Federal Reserve at its next meeting, pricing in a 70% chance that the Fed will raise interest rates another 0.25%. in May.
On the other hand, the International Monetary Fund warned of a slowdown in global growth, amid the vulnerability of the banking sector. The IMF projects the world economy will expand at 2.8% this year, slightly below its January estimate of 2.9%.
Wall Street
Wall Street’s major indices traded with mixed results. Thus, the S&P 500 down 0.01%; the industrialist Dow Jones gained 0.29%; and the technological Nasdaq lost 0.43%.
Merval
The Merval registered a rise of 1.25%. Thus, the rises of the leading shares were recorded by Transener (7.72%); BBVA Argentina (6.46%); and Grupo Financiero Galicia (3.81%).
ADRs
On Wall Street, the papers of Argentine firms closed the day with green results. Thus, the gains were posted by BBVA Argentina (7.3%); Galicia Financial Group (4.6%); and Central Puerto (4.3%).
bonds
Sovereign bonds in dollars under foreign legislation registered the majority of negative results of up to 1.70%, led by the Global 29, while bonds in pesos with CER adjustment closed practically unchanged.
Risk country
The country risk is located around 2,440 basis points.
