2023-10-23 12:52:30
Argentine public debt bonds and stocks listed in New York registered sharp drops of up to 11% and 5%, respectively, at the beginning of operations following the result of the presidential elections.
Special channel Presidential elections 2023
Financial operators report falls of 11% in sovereign debt securities, which in some species are already trading at a quarter of their nominal value, a price more linked to a restructuring or default than to a possible recovery of the country.
A similar profile was adopted by the quotes of Argentine companies that do so through ADRs on Wall Street, despite the fact that the most voted candidate, Sergio Massa, is not considered an “enemy” of the financial market.
The negative trend had already emerged with the start of transactions in the Asian markets and was repeated when the premarket was enabled in Europe and the United States.
The Minister of Economy, Sergio Massa, called a meeting of his team to define the steps to follow, which had initially been called for 9 in the morning, but was finally postponed without a confirmed time so far.
In the local square, the opening of the exchange market is awaited following days marked by uncertainty and the lack of price reference.
During the past week, a saga of control operations, raids, and complaints regarding the functioning of the parallel market put the price of the dollar in the informal market on standby.
Even during the last rounds, a new crack was generated between the information published by the news media with a value of the dollar around $900 and the specialized finance portals that valued it between $1,100 and $1,200.
Hence, it is expected that once the election is over, the market will rearrange itself and a common price will once once more be generated to organize operations.
Amid statements by the opposition regarding the value of the exchange rate starting the day following the Vice Minister of Economy, Gabriel Rubinstein, had promised that the official dollar would maintain its value of $350 until November 15, following which A daily adjustment stage would begin at a rate of 3% monthly.
One of the decisions that the government will have to make is how it will continue to act on financial exchange rates, markets in which it had to intervene strongly to avoid uncontrolled increases.
The MEP dollar will open at $898.91, while the Cash with Settlement (CCL) will do so at $1,110.59.
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