Argentine assets are left out of the upward current abroad. .
While the international markets resumed the upward trend, the Argentine assets were left out again of investor preferences and exhibited falls of up to 5% in dollars.
At the domestic level, the news of the government’s agreement with foreign law bond creditors announced last week had an influence. As this bullish foundation cleared for local stocks, the Take profits that already average 14% accumulated on five wheels for Argentine ADRs traded on Wall Street.
This Wednesday, ADR subtracted 4% on average, while the Dow Jones Industrials rose 1.1% to 27,976 points and the Nasdaq technology gained 2.1% to 11,012 points, close to its record. The ADR losses were led by YPF (-5.6%) and Banco Macro (-5.3%).
To awaiting formalization before the SEC (US stock market regulator) of the debt restructuring offer foreign legislation, the sovereign fixed income market once again operates with a mixed trend.
Market agents await details on the debt swap, negotiations with the IMF and measures to reactivate the economy
“The market remains cautious, with an eye on the need to reactivate an economy in crisis for more than two years, « he said. Research for Traders. “After the agreement with the three major groups of creditors, the negotiations between the Government and the IMF is another point to take into account. Minister Guzmán said that they will take months before achieving a new credit program, which could only be achieved at the beginning of next year. The Implementation of the dollar debt swap under Argentine law”, He said.
The public titles reference in dollars resigned 2% on average, with a country risk that returned to the level of 2,100 points basic, at 17 hours.
« Moving forward, as we have been mentioning, the Investor focus remains on government talks with IMF. In this framework, let us remember that the negotiation with the Agency will be based on fiscal economic goals and the accumulation of Reserves that guarantee the future payment capacity of the country. Guzman already remarked that this process will be long and will not be closed before the end of 2020 ”, he stated Personal Investments Portfolio.
The leading panel S&P Merval of the Buenos Aires Stock Exchange cut about 4%, to be below 49,000 points.
International stocks advanced Wednesday as investors focus on stocks that have underperformed in recent months. The sectors of finance, supplies and energy led earnings on the S&P 500, and Chevron and JPMorgan Chase led the nearly 300-point rise on the Dow Jones.
The actions of Modern they kept profits, after the company announced an agreement to supply the US government with 100 million doses of its Covid-19 vaccine project, which is currently in a late-stage human trial period.
Meanwhile, Tesla shares rose 13% after the company announced a five-for-one stock split, and the stocks broke the $ 1,500 barrier.
I kept reading:
The US signed an agreement with Moderna to buy 100 million doses of its coronavirus vaccine
Investors await definitions on the negotiation with the IMF and the parity of the new swap bonds
A year after the PASO: how was the “black August” for stocks, bonds and the dollar in Argentina