:quality(85)//cloudfront-us-east-1.images.arcpublishing.com/infobae/QETO7W2PVZBZNETVRIWDD3LETY.PNG "Markets: equity and bond relief has been extended pending economic definitions")
The turn of the Argentine stock exchange took place with a broad bearish trend this Thursday in its first exchanges due to the lack of liquidity and the absence of institutional investors, while macroeconomic definitions are expected from the Monetary Fund international (IMF).
Markets: Argentine dollar stocks and bonds rose, a good day for Wall Street
North American stock markets rose between 0.2% and 0.6% and gave companies with local assets a hard time. Global prices in New York rose 1.9% on average
index S&P Merval porteño subtracted 2.7%, to a close of 242,748 pointsin a round where the energy newspapers were in the crosshairs after a huge blackout that has endured much of the territory in recent hours.
As part of an agreement with the IMF in 2022, the Government is negotiating a reduction in the required volume of Central Bank Reserveswhen the drought in the countryside makes it difficult to liquidate the dollars.
This unfavorable context for finances is further complicated by the projection of a further rise in interest rates by the Federal Reserve United States (Fed).
Financial day: February ended with a negative balance for stocks, bonds and the free dollar
The S&P Merval lost 2.4% over the month, in line with Wall Street. Dollar bonds subtracted 7.4% on average. The free dollar fell six pesos to $375 and the BCRA sold $878 million to the MULC
Wall Street indices ended with gains of between 0.7% and 1.1%, but the sharp decline in US debt prices increased emerging risk aversion. Thus, the global bonds of the exchange – in foreign law dollars – subtracted 2.4% on average.
He countries at risk of Argentina increased by 53 units, the 2,088 dots Bases at 6:10 p.m., after hitting an intraday high of 2,127 integers. Note that the rate of US Treasury bonds, which serves as a basis for comparison to the JP Morgan indicator, reached 4.07% per year, in the zone of maximums for more than 15 years.
Financial day: the BCRA again sold reserves and dollar bonds fell by 3%
The entity parted with $40 million in the MULC. Government bonds fell a day without economic announcements at the start of the legislative year. Country risk has once again exceeded 2,000 basis points
“Dollar sovereigns fell in early March, as the market was attentive to the President’s speech Alberto Fernandez at the opening of the ordinary sessions of the National Congress, during which he harshly criticized Justice, and a day after the approval of the moratorium on retirements in the Lower House, which generates uncertainty as to the provenance funds,” analysts said. Search for merchants.
In addition to the fight with the Supreme Court, the president affirmed in his speech that with the Minister of Economy, Sergio Massait is not necessary to MFI know that Argentina needs a balanced budget and that exports increase. Likewise, Fernández said that taking care of the value of the currency and the reserves was essential to continue on the path of growth, at a time when the exchange rate gap reached 90% and the reserves were at too low a level. This comes at a time when the IMF’s announcement of new reserve targets is expected.
The government would seek reschedule expirations debt in pesos for the second quarter of 2024 and 2025. The Ministry of Finance is working on a proposal for an agreement on the instrument with banking entities. It assesses the offer of peso bonds with maturities in late 2024 and early 2025 in exchange for Ledes and Lecer that mature before the end of June. Argentina faces local debt maturities of 6 trillion pesos (about $30 trillion at the official exchange rate) in the second quarter.
There February collection increased by 82.3% year-over-year up to $2,126,337.9 million, according to AFIP. It’s a rate below inflation expected, about 100 percent. Tax revenues were mainly affected by the performance of taxes related to foreign trade due to the impact of the drought. Taxes linked to economic activity have contributed to the growth of national collections. Within this group, VAT (+106.1% over one year), tax on Credits and Debits (+101.1% over one year) and Joint Internal Taxes (+98.3% over one year ) stand out.
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