ADR fell by as much as 8.6% on Wall Street. CER and dual bond rates rose after inflation data

ADR fell by as much as 8.6% on Wall Street.  CER and dual bond rates rose after inflation data

On Wall Street, shares of Argentine companies They fell to nearly 9%, led by YPF (-8.6%), Cresud (-7.1%); Communication (-5.8%); survival (-5.6%); and Transportadora Gas del Sur (-5.3%). The only advance today was for Mercado Libre, with a slight 0.6%.

On the Buenos Aires stock market, the S&P Merval de Bolsa y Mercados Argentinos (BYMA) lost 1.4% to 144,765.55 units. After setting a new record during the day in peso, it reached 148,309 points. Measured in CCL dollars, it lost 5.1% due to the sharp jump in the exchange rate implicit in the asset price.

It was the most important advance Transener (+2.3%), while the largest decline was for the YPF oil company (-4%). The trading value amounted to 2484.9 million shares.

In the overview part, Autopistas del Oeste (-22.2%) and Autopistas del Sol (-21.5%) shares fell, After the announcement of the government decree to cancel the concession contracts for both companies.

The government worked against the clock to fulfill Before midnight, he presented to Congress the draft budget for next year, which, according to Ambeto, would bring 2% growth in the economy.

The Consumer Price Index (CPI) rose 7% in August, a higher-than-expected figure adding to the difficulties for the government, in the midst of a crisis that has pushed experts’ forecasts of inflation to 95% for the year.

August wholesale inflation was known on Thursday, showing monthly 8.2% (73.9% yoy) while construction cost was up 7.2% (66.7% yoy), confirming that nominal pressures are not yielding results.

In this context, the BCRA Board of Directors has approved a nominal interest rate of 75% (TEA of 107.3%), To ease pressure on the dollar and balance the new exchange rate in favor of soybean producers.

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In the US, another difficult day passed as major stock indices again lost steam and Treasuries rose an average of 5 points. On the back of mixed economic data, the S&P 500 fell 1.1% while the 10-year note rose 4 points to 3.45%.

Bonds and State Risks

In the fixed income sector, Sovereign dollar bonds fell more than 4%, thanks to Global 2041 (-4.1%); Bonar 2029 (-2.6%); and global 2035 (-1.9%).

In this context, the Argentine country’s risk as measured by JPMorgan rose 0.2% to 2,334 basis points, its third consecutive rise.

Meanwhile, CER-adjusted bonds closed across the board following INDEC statements: They gained 0.7% on average, with the long tranche of Bonceres coming in (+0.9%).

In contrast, good-sized dollar-linked sovereign bonds traded flatly in the short section, while TV24 recovered its losses these days and rose by 0.8%.

Finally, the 2023 binaries stood out from the rest of the weight curve and once again saw an average increase of 1.3% across their three versions.

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