Monday, January 17

Argentine stocks climbed to 3.7% on Wall Street after payment to the IMF


On the contrary, Argentine stocks listed on Wall Street topped the wheel with the majority of increases, led by Cresud (+ 3.7%), Irsa Propiedades Comerciales (+ 3.2%) and Globant (+ 3%).

The disbursement to the IMF was made with the Special Drawing Rights (SDR) that Argentina received from the organization itself in August, which were granted with the idea of ​​helping member countries combat the economic impact of the coronavirus pandemic.

The payment of 44% of the net reserves of the Central Bank (BCRA) is “a sign that the Government trusts to reach an agreement soon”said settlement and clearing agent Neix.

Meanwhile, the Fund is expected to carry out the technical evaluation of the IMF Stand By loan to Argentina, granted during the presidency of Mauricio Macri.

“It is a formal step that is carried out for every country under a program with the organization, which in this case becomes more relevant given that a new agreement and economic program are being negotiated,” said the SBS Group in this regard.

It is worth remembering that in 2022 the payment obligations with the IMF reach about US $ 19,000 million, of which US $ 3,900 million are for the first quarter, and US $ 2,900 million only in March.

The amounts are relevant taking into account that net reserves, which are those that do not have a liability as a counterpart (that is, they exclude contributions from international organizations, swaps with China, etc.), are around US $ 2. 600 million.

On the other hand, international markets improved for the second day in a row, following upbeat economic data and hopeful news about the severity of the Omicron variant of the coronavirus, which is spreading around the world.

The indices, however, operate with prudence while investors evaluate both the impact of the containment and restriction measures ordered by the different governments in the world as well as the scientific analyzes of their level of severity, and the possible developments of vaccines that allow contain it.

On Wall Street, its main index, the Dow Jones Industrials, rose 0.7%, while the selective S&P 500 and the technological Nasdaq presented greens of 1% and 1.2%, respectively.

A positive data for Wall Street was the Consumer Confidence Index produced by the University of Michigan. it rose during December from 111.9 points in the previous month to 115.8, despite high inflation and outbreaks by Ómicron.

In the fixed income segment, Sovereign dollar bonds closed slightly in New York, decoupled from the behavior of securities in Buenos Aires.

“Dollar bonds traded practically flat during the day, but lost ground towards the close and fell 5 cents on average along the curve,” they said from SBS.

In this context, Country Risk measured by JP Morgan bank grew 11 units to 1,754 basis points.

In parallel, they were verified increases of up to 1.2% in securities in pesos indexed to inflation (CER), amid expectations that indicate an acceleration in prices in December.

“The high-frequency data for the first weeks of December shows inflation running closer to 4%, which strengthens our view of the temporary decline in November. With the recent recovery of CERs, and slightly weaker fixed-rate instruments , the inflation that discounts the 2022 proxy market is close to 52.7 / 54.3% (it was at 51% a few days ago) “, explained Portfolio Personal Inversiones in its daily market report.



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