Market week: short but entertaining.

The exchange rate operated mixed, the downward trend in the financial dollar market was accentuated compared to the previous week and the gap stands at 57%, at the lowest levels since September 2020. The dollar MEP closed at $ 140 (-4.7%) and dollar CCL traded at $ 144 (-4.6%). The official dollar It is today the most expensive of the dollarization options for the retail investor, with the 65% surcharge it is located at $ 155, being 11% below the financial dollars. The wholesale dollar it closed at $ 89 with a marginal increase of 0.69% and accumulates a rise of 5.9% in 2021, well below accumulated inflation.

Last Thursday, INDEC reported the data for the month of January. Wholesale inflation showed an acceleration with respect to December and jumped 5.6%; a similar level is projected for the month of February. The greatest increase in prices was observed within the category of national products, registering a rise of 5.7%.

The equity market was marked by the frenzy effect on the ADR market of the Supervielle bench in New York, which accumulated an intraday rise of 55% to close at a positive weekly result of 22%. To put it in context, the Supervielle ADR it reached the third highest record of effective volume traded in the global panel of emerging market assets. In the local market, on Thursday, the market traded $ 2,592 million in local shares of which the effective volume traded in shares of the Supervielle bench It represented 40% of the total volume, exceeding by 60% the effective volume in cedears, a striking fact since in a normal trading round the cedears mark a volume between two and three times the volume in local shares.

The porteño index S&P Merval it closed with a slight drop of (-0.92%) at 50,992 points, thus holding 50,000 points for the second consecutive week. The main increases in the leading panel were SUPV (17.09%), TGNO4 (5.44%) and TXAR (2.95%). On the red side of the table, the biggest drops were marked TECO2 (-8.31%), YPFD (-6.46%) and CRES (-4.92%).

On Wall Street the ADRs They operated with an average increase of 4%, where the weekly increases of GGAL (6.72%), PAM (5.10%) and BBAR (4.32%). On the red side, the biggest drops were reported TEO (-4.9%), YPF (-2.8%) and IRSA (-2.72%).

In the fixed income market, long bonds from the debt swap operated downward with an average fall of 7.03% and accumulated a fall of 25% to 30% since the restructuring. The yield curve in dollars remains inverted with rates between 15% – 17% for global bonds (GD) with foreign law and between 16% – 19% for bonds with Argentine law (TO THE). The country risk was located at 1488 points and lost everything recovered since the restructuring.

Global markets operated mixed, in the United States we also had a short week and the S&P 500 it traded near 3,500 on Tuesday and then cut to 3,906 points with an almost neutral fall (-0.71%). On the other hand the Dow Jones it posted a 0.11% weekly rise, closing at 31,494 points and consolidating the level of 31,400 points.

S&P 500 chart by TradingView

Without a doubt, 2021 is the year of Bitcoin, at least until now, it was trading above USD 56,000 on Friday and has accumulated an increase of 83% so far in 2021. In comparison, the Dow Jones Industrial Average rose Up 4.2%, the S&P 500 index accumulates a rise of 5.57%, while the Nasdaq 100 Composite Index has risen almost 7% so far this year.

* Analysis of TM Investments