Friday, January 28

S&P Merval, in a tailspin, drilled 80,000 points; Country risk touched another annual maximum


With the adverse result in the recent legislative elections, the Government lost control of Congress and promised to present the ‘multi-year’ plan in the first week of December, the basis expected by the negotiations with the IMF together with high inflation, fiscal deficit and gap exchange rate above 100%.

“There will be an agreement (with the IMF)” because “so many exchange rates are not serious”, said Diego Ferro, director of M2M Cap from Wall Street. “The two parties (Government and IMF) are with a serious narrative problem”, Held.

In the midst of the evident financial tension, the Central Bank (BCRA) had to come out to deny that there was a corralito on deposits in dollars, after a false message about it transpired on social networks.

Recently, the monetary entity prohibited the sale in installments of tickets and tourist services abroad to protect its reserves and ordered that as of Wednesday the banks must adapt their Net Global Position (PGN) of foreign currency to 0%.

With this last measure, private banks they will have to sell about 600 million dollars in the next wheels (without touching private deposits), according to operators. Doubts about the political and economic future of the country put pressure on the market by taking positions in dollars under different parameters.

Meanwhile, global markets were keeping an eye on the consequences that the omicron variant of coronavirus could have on the world economy.

In the fixed income segment, dollar bonds closed mixed, with rises of up to 2.9% in Bonares, and falls of up to 2.8% in Globales.

“Dollar bonds continue in free fall in the absence of concrete progress with the IMF”, said Paula G├índara, Head of Portfolio Management at AdCap Asset Management.

Therefore, the Argentine Country Risk rose 0.2% to 1,876 basis points, after hitting the 1,800 new intraday record during the day since the debt swap with private creditors in 2020.



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