A step behind appeared the actions of Globant (+2.3%), Bioceres (+1.8%), Banco BBVA (+1.4%), Edenor (+1.4%), Loma Negra (+1.3%), and Central Puerto (+0.5%).
But the day also showed several setbacks for Argentine papers: the falls were led by South Gas Carrier (-3.2%); Tenaris (-3.1%); and Ternium (-1.7%).
After Mercado Libre, which climbs 33% so far this month, YPF accumulates an advance of 25% in August. Last week, the Argentine oil company reported earnings of 94,063 million pesos (751.2 million dollars) in the second quarter of the year, compared to a loss of 46,262 million pesos in the same quarter of the previous year.
In fixed income, on the other hand, Argentine bonds closed with firm increases, for which the risk country it yielded 0.4% to 2,458 units.
The global ones scored increases of up to more than 2%headed by the GD35 (+2.1%), and GD46 (+2.1%). Other important increases were registered by the GD41 (+2%); GD38 (+1.6%); and GD30 (+1.1).
“To the rhythm of the ups and downs of the north, domestic assets continued to try to adapt beyond a more expectant tone following the tactical bets that were activated following the appointment of the new economic team, given that following said confirmation and the subsequent announcements now comes It’s your turn to implement them quickly and efficiently,” pointed out a market operator.
This Monday, given the national holiday -moved from August 17- for the Passage to Immortality of General José de San Martín, did not operate S&P Merval BYMA, which rose 4.1% last week (+3.9% measured in dollars at the implicit exchange rate).
Brazil markets
The Brazilian stock market closed higher on Monday, reaching exceed 113,000 points at the best moment of the day, driven by retail stocks.
The reference index of the Brazilian stock market, the Bovespa, rose 0.2% to 112,990.61 points. At the day’s high, it reached 113,214.20 points.
At the worst moment of the day, in the morning, it fell 1.5% to 111,066.52 points, following weaker-than-expected data from China.
US markets
The New York stock ended higher, with some investors betting on more flexibility from the Federal Reserve in its policy of raising rates, following several disappointing macroeconomic indicators.
So the Dow Jones gained 0.4%, the technological Nasdaq 0.6% and the S&P 500 0.4% at the closing bell.
China’s central bank cut interest rates to revive demand as data showed an unexpected slowdown in the economy in July. with activity in factories and retail affected by Beijing’s zero COVID policy and the real estate crisis.
Also, in the United States, manufacturing activity in the New York area registers its steepest decline since April 2020 in Augustaccording to the Empire State index published this Monday by the Fed. The index fell 42 points, up to -31.3, recording its second largest drop since the survey began and standing at one of the lowest levels in its history, according to the survey of manufacturers in the region. Activity is considered to be contracting when the index is less than zero.
But investors saw in these negative data a support to their hope that the Fed will be softer than expected with its monetary tightening. “The Fed will stop before (raising its guide rates) if inflation subsides, and it is more likely that (the rise in prices) will subside if the world economy moderates” its growth, explained Chris Low of FHN Financial.
This Monday the defensive values, those that depend less on the situation, were the most sought following, such as Coca-Cola (+1,3%), McDonald’s (+1,2%) o Comcast (+1,4%).
The day was animated by the announcement of the entry into the capital of Disney (+2.2% to $124.26), investment firm Third Point, for regarding 1,000 million dollars, according to a source close to the negotiations.
The laboratory Modern, hit last week, recovered on Monday (+3.2% to $176.78), helped by the authorization of the British regulators to commercialize its new specific anti-covid vaccine for omicron.
By contrast, shares in US-listed Chinese e-commerce giant Alibaba and internet company Baidu fell 0.6%.
and oil prices Exxon Mobil, Chevron, Halliburton and Marathon Oil sank between 1.8% and 3.6%.
For its part, the dollar strengthened following news of the Chinese central bank’s action amid disappointing data. The index dollarwhich compares the greenback to a basket of six major currencies, gained 0.8%, and the euro fell 1%.
The prices of oil lost up to almost 4% on concerns regarding demand following weak data from China, one of the world’s largest importers of crude oil.
Gold fell 1%, hitting its lowest in a week, amid sharp falls in all precious metals due to the strength of the dollar and concerns regarding new rate hikes by the Fed, which increased pressure on bullion.
Wall Street has risen in recent weeks, and the benchmark S&P 500 index has recovered half of its losses this year, as optimism seeped back into the markets following data raised hopes that the US Federal Reserve might deliver a soft landing for the economy.
The S&P 500 and Nasdaq posted their fourth consecutive week of gains on Friday, despite Federal Reserve officials pushing back expectations that the central bank will end its rate hikes sooner than expected, and economists they warned that inflation might return in the coming months.
