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Friday, September 30, 2022

Dollar Today: Argentine Shares Plunge Up to 10% on Wall Street

Fears of a global recession are affecting Argentina’s wealth, On Wednesday, the United States Federal Reserve (Fed) raised interest rates by 75 bps in an effort to control US inflation, and risk aversion has reigned since then. Investors flee emerging countries, the dollar strengthens and prices fall. Goods, A situation that is not foreign to Argentina.

In this context, Argentine stocks listed on the New York Stock Exchange today are painted red. YPF’s papers dipped 10.8%, followed by BBVA (-9.7%), Tenaris (-8.6%), Transportadora de Gas del Sur (-6.8%), IRSA (-6.4%), Banco Superville (-6.3%) and Cressud (-6%).

“Today is a cruel sell it [venta] and closing risks on a global scale. today’s sentence is ‘cash is king’ [el efectivo es el rey], The global dollar index flies, the equity market in Argentina also collapses. This phenomenon is purely global, no one is left, not even Goods, which can be shelter in some cases. Clearly, the Fed has no problem breaking what it needs to break to achieve consistent inflation in the coming years”, explained Fernando Camuso, director of Rafaela Capital.

The impact is also reflected in S&P Merval. At the end of the week, it operated at 144,059 units (456 points in the dollar), down 3.6% from yesterday. Among the panel of Buenos Aires stock market, YPF (-9%), BBVA (-7.2%), Transportadora de Gas del Sur (-5.6%) and Cresud (-4.5%) are the most prominent losers.

Country risk moves 29 units and is located at 2463 fundamental points. This rise in the index produced by JPMorgan is explained by the decline. bond of past debt swaps: overseas, they fell back to 3.1% (global 2030); 1.9% at the local level (Bonar 2030 and 2035).

“Since Jerome Powell Spoke in Jackson Hole” sight The market has turned 180°. rally what we saw equity Not long ago he was mainly a . inspired by the idea of “‘fed axle’ (Expectation of a sharp slowdown in inflation that would allow the Fed to reduce changes in terms of monetary aggression, especially in the case of rate hikes). The opposite happened. Although inflation fell year after year, records were worse than expected And the core (the main thermometer that the central bank watches) intensified even more. Inflation is higher and more stable than before”, commented Juan Pablo Albornoz from InVac.

At the same time, according to the analyst, the US labor market remained firm even when it was thought that it was going to weaken as a result of aggressive monetary policy. Because of these two key variables, the Fed decided that it had more room to focus on the problem of inflation at the expense of reducing growth and employment. “This resulted in a very strong revaluation Market: There was a lot of pressure throughout the curve Treasuries You Some indicators suggest it is already as invested as it was before the bubble dot com, But in a scenario of substantial pressure equity And currencies, high-risk assets, such as emerging and particularly Argentinian assets, are affected,” he said.

The blue dollar is sold for $286, which is a peso higher than on Thursday

For Camuso, the Fed effect also explains why financial exchange rates tend to “fly.” Today the MEP dollar appears on the screen at $306.18, More than $3 compared to the previous round (+1.1%). Cash with Liquidation (CCL) is offered at $315.80, Daily increase of $3.50 (+1.2%). The last time these prices were presented was on July 27, when they closed at $323 and $339, respectively.

“Argentina’s debt falls, financiers fly. It’s logical. Added to the global context is an exchange scheme accumulating reserves through the ‘soy dollar’, but this definition does not give that an exchange strategy. The program is cut to 30th September, but what plan are we going? We are seeing this uncertainty in prices, eliminating the possibility of some stabilization program as more than $500,000 million were issued in 13 rounds. This is a problem”, said the director of Raphael Capital.

With Delphos Investments, he emphasized that the free dollar’s upward trend is also based on demand for coverage of the soybean complex, Inflation that remains around 7% per month, greater restrictions on access to the official dollar and the great volatility experienced by world markets This week, “Yesterday the increase in CCL and MEP coincided with a day of high volatility in our neighbors’ currencies,” he said.

in caves and small trees city Buenos Aires, dollar blue It is trading at $286, $1 higher than in the previous round (+0.3%). If we analyze the course that has been going on throughout the week, the parallel exchange rate remains $9 higher than last Friday.

At the other end of the forex market, The official wholesale exchange rate trades at $145.47. In the central bank’s efforts to keep up with inflation, they are 41 cents higher than yesterday (0.2%). Unlike the blue dollar, gap It is located at 96%; Compared to CCL, the highest price in the market, it is 117%.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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