Markets: Argentine shares fall 8% in New York over local holiday

There will be no financial transactions in Argentina until next Monday, the 24th, although there were transactions abroad on the stock market where Argentine stocks and bonds were listed. This Thursday the main Wall Street indices traded mixed The Dow Jones Industrial Average rose 0.8% and the tech-heavy Nasdaq fell 0.8%, although Argentina’s assets posted overall losses.

Among ADRs and shares of Argentine companies traded in dollars in New York, the decline to 8% was led by Banco Frances (-8.3%)who was being followed Banco Macro (-6.7%) and Grupo Galicia (-5.2%). On the contrary, it is emphasized Globant shares rose by 8.9%: The Argentine unicorn registered a 4% gain in June, although it will lose 29% in 2024.

“Last week the Basic Law was passed and assets were restored after the storm. Now, moving forward, we must express in relative terms what we have come from rally very strong. In addition to the government’s victory in the Senate, we see that the IMF has become closer to the government, change with China, inflation in May was 4.2%… “All the facts provide evidence to the government that it is doing well, which is reflected in the almost 10% jump in bonds, as well as in the country risk indicators,” he commented. Pedro Siaba SerrateHead of Research and Strategy at Portfolio Personal Inversiones.

Economist Gustavo Behr He recalled that it was “a week with too much desynchronization in Wall Street operations as a result of related disruptions on no less than four wheels, while investors continue to pay attention to political and economic signals in the post-Base Act phase.” “

“It so happens that after this important milestone, in addition to the fact that MPs still have to insist – albeit with a simple majority – on key financial aspects, expectations are growing for a new stage in economic management, which could include a new program with the IMF that provides new funds to start exiting equities, and a recalibration of some strategies, always maintaining a fiscal anchor, although assessing monetary and exchange rate adjustments,” says the head of Estudio Ber.

Regarding government securities, Global the exchange – with foreign legislation – ultimately operated with average decrease of 0.9%Meanwhile he country at risk JP Morgan, which measures the difference in U.S. Treasury yields with similar emerging issues, came up with 24 whole numbers for Argentina. 1401 points basics at 5:05 p.m.

Following legislative progress on the Basic Law and fiscal package last week, experts Consultant 1816 They pointed out that “approval of laws would have a positive effect on debt not only because of the content, but also because of the political signal.” “We take a pay-per-view stance on hard dollar bonds: we emphasize the fiscal anchor (although changes will be needed to maintain the surplus) and share the market’s hesitation about the exchange rate regime.”

“We will ratify the idea of ​​going long on the Global 2035 (GD35) and Global 2041 (GD41) bonds, which provide slightly more coverage than the GD30 in bad scenarios and beyond. flipped over if “everything goes well,” they said from Consulting 1816.

“The release of the (North American) jobs report also caused an upward movement in the US Treasury yield curve, especially after a year. The 10Y rate has broken through the 4.35% support zone and has led us to believe that it will move through the bearish channel, but it is too early to confirm this. Once again, we still prefer to maintain the strategy duration limited,” the report says. OIE Group (Invest in the stock market).