2024-08-23 20:57:29
Becerra Stock Market It brings you daily analysis of the most relevant news in the market and investing world. We delve into local and global bond activity and always keep an eye on the economic variables impacting investors’ portfolios.
local
Argentina’s public bonds rose sharply, with an average increase of 1.50%, recovering some of yesterday’s losses. The same thing happens with ADR. It remains to be seen whether this marks the start of a new bullish trend or if there is still room for further declines.
Merval closed higher, up 1.87%.
The top performing stocks in the leading panel are $GGAL (+4.56%), $LOMA (+4.30%), and $SUPV (+3.74%).
The top losers in the panel were $VALO (-0.75%), $ALUA (-0.55%), and $TXAR (-0.46%).
Dollar
The financial dollar remained calm, closing lower but little changed. A break above $1,280 was unlikely on the day, but MEP closed close to that level.
international
Wall Street closed higher, recouping the previous day’s losses: S&P 500 +1.15%, Nasdaq +1.18%, Dow +1.14%, Russell 2000 +3.19%.
In a speech at the Jackson Hole symposium, Federal Reserve Chairman Jerome Powell declared that “the time has come” to cut interest rates. Powell stressed that the pace of cuts would depend on economic data and highlighted recent weakness in the labor market, noting that it was unlikely to be the source of near-term inflationary pressures. Investors are already expecting the Fed to cut interest rates at its next meeting in September, and Powell said the economic distortions caused by the epidemic are easing.
This backdrop is good for stocks, especially smaller companies. The equal-weighted S&P 500 hit a record high. U.S. government bond yields fell, with the 2-year bond yield at 3.91%, the dollar plummeted, gold prices rose to $2,511, and Bitcoin rose to $64,000.
Highlight of the day
1. Veto the retirement law 🏛️: The government announced that it will veto the retirement law passed overwhelmingly by the Senate. Although the PRO had previously expressed support, Macri supported the veto. Now, Congress is likely to get the two-thirds support needed to stick with the plan.
2. Economic challenges 📉: Forecasts suggest exchange rate policy could hurt the country’s net reserves. Despite a trade surplus in July, imports continued to increase and proceeds from money laundering are unlikely to offset foreign exchange flows.
3. Consumer confidence grows🛒: Consumer confidence has grown compared with the previous quarter, reaching the highest level in several months. This is due to an improvement in perceptions of current conditions, although still below last year’s levels.
4. Supervision of Rigi📜: The government supervises Rigi, and supplementary regulations will be formulated by each organization within up to 30 days.
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