:quality(85)//cloudfront-us-east-1.images.arcpublishing.com/infobae/XFTWUXWO6S4NLUPAVORH4WM2VU.jpg "Markets: Argentinian Stock Exchange ratifies bullish trajectory as portfolio hedge")
Argentina’s stock market rose on Tuesday ahead of January’s retail price index data and after US inflation spread in line with expectations, with equity buybacks providing a financial shelter.
Financial day: Argentinian stocks listed on Wall Street climbed 9%
The free dollar rose two pesos and closed at 379 pesos. The BCRA sold $48 million on the market. The Buenos Aires Stock Exchange gains 3.1%, to 257,625 points and the country risk remains at 1,966 points
index S&P Merval of the Buenos Aires Stock Exchange it rose by 1.3%, to 260,900 points at 3:50 p.m., after gaining nearly 3.7% in the previous two sessions.
“In line and in line with our expectations, the S&P Merval Index is up much higher, but the upside with laddered ranges should have slowed down and it took the necessary pause by interrupting the ‘bullish rally’ with a breakout,” he said. he explained. . Jorge Fediotechnical analyst at Clave Bursátil.
“Having said that, from our view and our opinion, ‘it is necessary to go home’ with the investments, given that our stock market is playing very bullish music, carried by the self-esteem after the World Cup, as driven by the ‘waiting for 2023’ before the change of government that allows for the election year,” Fedio said.
Financial Week: Dollar Bonds Fall 5% Despite Treasury Debt Buyback Announcements
Argentinian bonds suffered from falls on Wall Street and market risk aversion. The free dollar fell to $377 and the exchange rate differential was less than 100%. The BCRA sold 286 million USD on the market and the reserves fell
At 4 p.m., INDEC will publish the consumer price index for the first month of the year which, according to a survey by Reuters it would yield an average of 6%, a high level to drive annual inflation towards almost 100%, after 94.8% in 2022.
“The inflation in CABA in January (7.3%) set off alarm bells. Although the gap with the national CPI has been large in recent months, the trend is the same. is further accelerated in January and we expect it to be between 5.5% and 6%,” he estimated. Ignatius Moralesfinancial business analyst at Wise Capital.
Financial day: The free dollar rose to $381 and the BCRA made the biggest sale of February in the market
Stock market dollars also rose. The BCRA sold $66 million to the MULC. S&P Merval gains 1.4%, tying third round up
“The government is looking to extend the fair price plan until June – it ends February 28 – where it will try to add more items and maintain a monthly increase of 3%. The problem is that the companies ensure that their internal production costs increase at a higher rate (6% per month), which would make the agreement unworkable,” Morales added.
Dollar bonds offer slight declines, with a countries at risk who goes up seven units for Argentina to 1,980 stitches basic.
For its part, inflation in the United States increased by 0.5% m/m in January, as the market had anticipated. In monthly terms, consumer prices rose half a point, as we analyze whether interest rate hikes by the US Federal Reserve (Fed) are having an effect on lower prices.
The year-on-year inflation rate in the United States continued to decline in January, for the seventh consecutive month, and stood at 6.4% year on year, a tenth lower than in December, the data showed. proposed on Tuesday by the Bureau of Labor Statistics. , In English).
The bone Wall Street indices down 0.6% after seeing the data on inflation in the United States. WTI oil is trading lower after the US government said it would release more crude from its strategic petroleum reserve as traders seek to set positions against inflation data.
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