Friday, January 21

ADRs and bonds gained up to 6% in the beginning of the last week of 2021


Investors’ attention is mainly focused on the evolution of the negotiations with the International Monetary Fund. A virtuous agreement for the country would ease the pressure on reserves, taking into account that in 2022 alone, almost US $ 20,000 million must be paid to the organization, when net reserves are around US $ 2,500. millions.

“Net international reserves will return at the end of the year to close to the minimum levels at the end of 2020, despite the positive current account balance, the persistence (and tightening) of exchange restrictions and the extraordinary income of SDR (Special Rights of IMF transfer for about US $ 4.3 billion) in September, “warned the consulting firm Ecolatina.

“The reserve shortage will continue to pose challenges in the foreign exchange landscape during the summer, where the large wheat harvest has not yet translated into a substantial foreign exchange surplus for the Central Bank,” added Delphos Investment.

Among fixed income assets in pesos, inflation-indexed assets (CER) showed further increases. In the context of an acceleration in price increases, these instruments accumulate increases of up to 128% in 2021.

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The S&P Merval stock index had intraday ups and downs and finally ended with a 0.3% drop, to 84,570.45 units, in a reduced and selective business context.

On the contrary, in tune with the good weather and Wall Street, ADRs also culminated with a majority of gains, standing out those of Edenor (5.7%), Grupo Financiero Galicia (4.5%) and Banco Macro (4.3%).

The S&P 500 index of the North American stock market hit a record high after the opening of the market on Monday, after it was known that retail sales increased 8.5% during the Christmas shopping season, driven by the boom in e-commerce.

Nine of the benchmark’s top 11 industry indices advanced, with tech leading the percentage gains.

Within the Nasdaq, the shares of megacap companies, such as Tesla Microsoft, Apple, and Meta Platform, rose between 0.9% and 2.3%.



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