ADRs climbed up to 8%, but bonds closed with most losses before Massa took office

All in all, the country risk measured by JPMorgan chained its second consecutive rise, at increase 1% to 2,444 basis points.

“What Sergio Massa and the team start broadcasting from today will be key”, said Santiago Abdala of Portfolio Personal Investments. “If we see measures that facilitate the growth of business in Argentina or a more favorable climate for companies, local assets would have a long way to go, because they are severely hit,” he added.

On the other hand, bonds in pesos dollar linked fell between 0.5% and 2.5%, with greater punishment on TV24, which had a large volume.

Meanwhile, the debt with adjustment CER showed little activity, remaining offered along the curve, and losing an average of 0.3%.

In the marginal segment of the dollar, meanwhile, blue climbed $7 to $298 for saleso that the gap in front of the wholesale market stood at 125%, after marking a maximum level of $350 two weeks ago. While the dollar “counted with liquid” (CCL) -operated with the Global 2030- rose 0.9% to $287.55with which the spread with the wholesale rate was located at 117.2%. and andme dollar MEP -also valued with the Global 2030- that at the beginning of the day rose above $285, it grew 1.6% to $281.02.

In the stock market, the referential S&P Merval Stock Index the BYMA improved 1.4% to 120,389.93 pointsthen accumulate a drop of 7.7% in the two previous sessions and rise 7.6% during the past week. The leading panel in July with a rise of 38.5%.

The biggest rises were for the papers of Edenor (+5.4%); and of Pampa Energia (+4.3%). The strong men of these two companies, Daniel Vila and José Luis Manzano for the energy distributor, and Marcelo Mindlin, for the energy holding company, were present this Wednesday at Massa’s swearing-in ceremony.

While the main drop of the day was for the electric power carrier Transene (-1.07%).

“It seems that the market will remain cautious until Massa announces the economic measures this Wednesday. Meanwhile, the saying that says “buy on the rumor and sell on the news” worked perfectly”said brokerage StoneX.

On the other hand, the Argentine papers listed on Wall Street closed with most raises, led by Edenor (+7.7%); Free Market (+6.4%) –in the prelude to the presentation of its balance sheet for the second quarter, which exceeded expectations, so it shot up almost 13% in the after market-; Globant (+5.4%); Cresud (+4.8%); and Pampa Energia (+4%).

In negative territory, the assets of View (-2.3%); and Ternium (-1.9%), after projecting that its revenues will decrease in the third quarter of 2022, due to lower steel prices in the international market. In his quarterly report, Ternium It said it expected production costs per tonne to rise, which would likely lead to lower adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter compared to the second quarter.

In the US, with activity data arriving above expectations (Factory Orders and Durable Goods Orders both posting 2% growth in June), the S&P 500 rebounded 1.6%, while the Nasdaq climbed 2.6%, after two consecutive falls.

For its part, the 10-year bond rate fell 5 basis points to 2.70%. Oil prices, meanwhile, fell nearly 4%, with losses accelerating after US crude and gasoline stocks unexpectedly rose last week, and OPEC+ said it would raise its production target by 100,000. barrels per day (bpd). Brent crude fell 3.7%, and pierced the US $ 100, closing at US$96.78 a barrel, while West Texas Intermediate crude fell 4% to US$90.66.

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