Argentine assets at the local level and abroad registered a positive trend, encouraged by rumors of a new agreement with the IMF
By Marcos Phillip
08/05/2023 – 18,30hs
The Merval advanced 2.44% and was located at 304,395.94 basis points, to close in green for the second consecutive round. Meanwhile, in hard currency it ended at 665 units. In the external market, the ADRs of Argentine companies that operate abroad traded in positive territory of up to 8.6%, where Irsa’s performance stood out, in a round in which the main US shares operate with mixed results.
In the fixed income segment, the sovereign dollar bonds under foreign legislation registered increases of up to 3.65%, led by the Global 29while the titles in pesos with CER adjustment marked drops of up to 1%, where the performance of the TX28 stands out.
The local market is expecting to know the progress between the IMF and the government of Alberto Fernández, with the aim of renegotiating the details of the agreement and advancing payments for this year.
In this regard, from Portfolio Personal Inversiones they pointed out that a favorable result can be good news in the short term (at least to decorate the net reserves during the first months).
What happens in the markets of the world
In its first session of the week, Wall Street registered ups and downs in its main indexes, as investors waited to learn more corporate earnings, the latest inflation report and more details of the meeting between President Biden and the speaker of the House of Representatives, Kevin. McCarthy, on the debt ceiling.
Shares of regional banks extended Friday’s rally. PacWest Bancorp shares rose 3.65%, after the bank cut its quarterly dividend and chief executive Paul Taylor reiterated that the bank is “solid.”
The Merval extends the gains and the Argentine ADRs on Wall Street record increases of more than 4%
On the political and economic front, US debt will also be in the spotlight this week, after Treasury Secretary Janet Yellen said the country could default on June 1.
President Biden is expected to meet with McCarthy and other congressional leaders to discuss solutions on Tuesday. Historically, uncertainty around the debt ceiling affects stock prices.
Wall Street
Wall Street’s major indices traded with mixed results. Thus, the S&P 500 gained 0.05%; the industrialist Dow Jones lost 0.17%; and the technological Nasdaq advanced 0.18%.
Merval
The Merval registered a rise of 2.44%. Thus, the rises of the leading shares were registered by Ternium (7.09%); Aluar (6.76%); and Grupo Supervielle (6.19%).
ADRs
On Wall Street, the papers of Argentine firms closed the day with the majority of results in the green. Thus, the gains were recorded by Irsa (8.6%); Banco Supervielle (6.1%); and Mercadolibre (3.2%).
bonds
Sovereign bonds in dollars under foreign legislation registered increases of up to 3.65%, led by the Global 29, while titles in pesos with CER adjustment marked falls of up to 1%, where the performance of the TX28 stands out.
Risk country
Country risk is around 2,577 basis points.
