2023-09-26 21:56:15
Las Argentine stocks and bonds They don’t seem to find an apartment and this Tuesday, September 26 they lost ground once morein a framework of maximum prudence for a uncertain result in the October presidential electionsand before a global context of growing risk aversion.
The stock index S&P Merval de BYMA scored his sixth fall in a row, lose regarding 1%, to 543,252.12 units, in a session that accompanied the trend of its external peers. The leading panel had just lost 6.3% in the previous five business sessions.
The day’s declines were led by the shares of Banco Macro (-3,3%); Telecom (-2,6%); y Silver Commercial (-2,4%).
“September is heading to close with a punished Merval in dollars,” said Santiago Abdala of Portfolio Personal Inversiones. Until this Tuesday, the stock index accumulates a monthly loss of 16.3% in dollars (CCL).
Another operator indicated that ““Investors are leaning toward caution in this delicate stage in search of preserving previous gains from the ‘election trade.'”
Amid an even result in the recent primaries to elect candidates, the libertarian Javier Milei, who proposes dollarizing and closing the Central Bank (BCRA), leads the polls, followed by the Minister of Economy and official candidate, Sergio Massa, who defends the peso, and the opponent Patricia Bullrich, which points to bimonetization.
The political uncertainty adds to a complicated economic panorama, where the inflation might exceed 150% This year, the BCRA has few reserves and economic measures that seek to mitigate the fall in purchasing power. “The recent measures taken by the Government (to relieve pockets) in the days following the primary elections increase the originally planned fiscal pressure,” warned consulting firm ACM.
Argentine shares on Wall Street
The shares of Argentine companies on Wall Street closed with a majority of falls, led by Telecom (-3.7%); Central Puerto (-3.6%); and Grupo Financiero Galicia (-3.2%).
In this context, the S&P500 lost 1.5%, accumulating a drop of 5.2% so far this month. The returns of the 10-year Treasury bonds held their multi-year highs, as investors still digest the prospects of a long period of high interest rates and the economic consequences. Adding to this market anxiety was the likelihood of a partial US government shutdown on Sunday, which rating agency Moody’s said would likely be “negative for the credit profile.”
Mega-cap growth stocks, such as Apple, Microsoft, Meta Platforms, Amazon.com and Tesla lost between 0.8% and 1.2%.
Besides, The 10-year bond rate closed stable at 4.53%, while the rate of 30 years rose to 4.68%.
Bonds in dollars and country risk
In the fixed income segment, sovereign bonds in dollars closed mixed in the Buenos Aires stock market, but ended with a majority of losses in New York, hit by greater global risk aversion.
Thus, the country risk of JP.Morgan I went upto four units, to 2,376 basis points. This is his eighth consecutive advance.
Among titles in pesos, dollar-linked sovereigns remained sellers and fell 1% on average, with good volume on TV24. The Duales also operated offered and fell 0.8%, with the volume distributed along the curve.
Meanwhile, the CER segment fell 0.3% on average in the short and middle section of the curve, but lost an average of 2.1% in the long section, which continues to be severely affected.
The Treasury will tender on Wednesday a combo of bonds to face a million-dollar maturity, concentrated mainly in the ‘TDS23’, whose holding is estimated almost entirely in private hands. Economy will seek to raise $62.5 billion tomorrow through the bidding for a Lelite to October, two Lecer (X18E4 and the new X20F4), two Boncer (T6X4 and T4X4) and the dual bonus TDJ24.
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