“Although we are cautious and we are waiting to know the concrete measures that will be announced in the course of the week, we believe that for the market it is something positive, since the figure of Sergio Massa represents someone with experience in the markets and who has developed relationships with investment funds, both local and international, and we believe that this understanding can be positive“, they said from Adcap Grupo Financiero.
For their part, Argentine companies listed on Wall Street closed mixed. They led the ascents, Cresud (+4.1%) and Cresud (+2.9%)while casualties were led by Central Puerto (-6.1%), and Pampa Energía (-3.9%).
“The pause with which the external climate threatened was immediately transferred to the progress of domestic assets, thus reflecting that not only the expectations for the new economic management would have contributed to reactivate tactical bets but also the greater appetite for global risk played a relevant role“said Gustavo Ber from Estudio Ber.
“It is estimated that on Wednesday (Massa) will announce economic measures, whose main axis will be obtaining dollars and fiscal austerity”said Research for Traders. This Tuesday, the Chamber of Deputies accepted this Tuesday the resignation of Serge Massa to his bench as deputy of the Province of Buenos Aires and as president of the Honorable Chamberwithin the framework of a special session requested by the front of all.
Bonds and country risk
Bonds in dollars had widespread declines, following they rose 0.8% on average on Monday, led by dollarized issues, following climbing 7.2% during the past week due to speculative purchases following reaching minimum values.
The biggest decreases, this day, were for the Bonar 2030 (-3.9%), the Bonar 2038 (-3.2%), and the Global 2035 (-2.8%). In this frame, the country risk measured by the JP bank. Morgan rose 0.67% to 2,419 unitscompared to a recent intraday all-time high of 2,976 points.
For its part, bonds in pesos registered the majority of increases and led the rises: the CUAP (+2%), the TX26 (+1.1%), and the PARP (+0.5%).
“Bond valuations are starting to make buybacks make a lot of sense, which has a big impact on risk perception, and is already having an impact on sovereign bond prices”said Adcap Financial Group.
For its part, Research for Traders opined: “Although investors see Massa as someone more friendly, it is estimated that his arrival in the economic portfolio will bring regarding changes aimed at normalizing the country’s imbalances, generated by high inflation and the growing fiscal deficit”.
