Markets: stocks lower and bonds higher awaiting more economic announcements



The stocks and bonds from Argentina operate with disparate figures this Tuesday. During the local holiday on Monday, Argentine shares and assets were traded higher abroad due to a recomposition of prices on Wall Street, due to a greater appetite for global risk despite the doubts generated by the economic situation in the giant Chinese market.

This Tuesday, said impulse of the Wall Street indices was canceled by the mixed movement in that square.

The leading stock index S&P Merval of the Buenos Aires Stock Exchange subtract 1% to 124,600 units at 3:50 p.m., after advancing 3.3% in pesos in the previous three business sessions.

Market agents remain expectant for new economic policy measures The Minister of Economy, Serge Massais working on new announcements to calm the financial tensions of recent weeks, while investors await the execution of the commitments assumed.

Most of the companies that make up the leading panel presented balance sheets for the second quarter of the year, with the state oil company standing out YPF. Shares of the company traded above $4.60 on Monday, while posting a 23% dollar gain over the course of August.

As for fixed income, dollar bonds are trading with an average gain of 1% this Tuesday, according to the reference of Global titles with foreign law, after a negative start.

The risk country JP Morgan, which measures the rate gap between US Treasury bonds and similar emerging issues, cuts 34 points, to 2,383 points basics.

“The overheating of inflation in the month of July -the highest monthly record in 20 years- and the upward expectations for August, led to a resounding rate hike by the BCRA, taking the Leliq to 69.5% (96.8% Annual Effective Rate). This represented the highest adjustment in interest rates since PASO 2019. What is hidden behind this policy? Given the High Frequency inflation data, the monetary authority corrected the demand for money via this strategy”, indicated the experts from Personal Portfolio Investments.

Will it be able to calm expectations of price increases? “In a favorable case, the appeasement of these estimates could bring calm to the markets, and a positive context for local assets,” they added from Portfolio Personal.

On the other hand, George Fedius, a technical analyst at Clave Bursátil, explained that there is an external component in the recent recovery of the markets “Wall Street from the low of June 16 that turns around and does not let up, has been rising for two months. This last very important week, very good, just as we anticipated: Wall Street taking to the track takes off”.

Analyzing the behavior of the S&P 500 “we were surprised by the superb and amazing ‘bullish trend’. The semester changed, we left behind the negative stigma of the worst first semester since 1872 measured by inflation, and already in the second semester of the current year, everything was fine from the beginning, with a very neat upward trend”, added Jorge Fedio.

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