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Investors took profits on Friday, but the weekly balance was positive for both bonds and stocks. The previous session saw renewed optimism for a potential interest rate cut following better-than-expected inflation data from the U.S.
Dollar-denominated bonds edged lower on Friday, but still posted a weekly gain of up to 4.1%. The country risk also decreased nearly 9% over the week, settling above 570 basis points. The prior trading day’s stronger-than-anticipated U.S. inflation data fueled renewed expectations for a potential interest rate reduction by the Federal Reserve.
Sovereign titles closed with a majority of declines on Wall Street, falling as much as 0.4% with the Global 2038 and Global 2041 leading the losses. The new Bonar 2029N (AN29) also saw a decline of 0.2%.
Despite Friday’s declines, Argentine dollar-denominated bonds showed widespread gains this week, up to 4.1%, led by the Bonar 2041 and the Global 2041 (+3.6%).
As a result, the country risk rose to around 573 basis points, after reaching its lowest level in more than 7 years and 4 months on Wednesday morning, at 555 basis points. The indicator fell 8.8% (55 points) this week.
“It was a fairly positive week, country risk is at 2018 lows. That’s great news. These results are coming after the placement of the 2029 Bond, which, although it was local, was good news for the market. In addition, the outlook has changed a bit with the update of the bands based on inflation. This news had a direct impact and the market reacted well,” analyzed Leo Svirsky, sales trader at Becerra Bursátil, in an interview with Ámbito.
ADRs and S&P Merval
Meanwhile, ADRs operated with a majority of declines of up to 2.6% led by Banco Macro and Banco Supervielle, followed by Telecom which lost 2.2%. Conversely, Edenor rose 1.3% and Edenor rose 0.7%.
Locally, the S&P Merval fell 0.8% to 3,139,466.650 points, while in dollars it fell 1% to 2,017.90 points. Shares traded with a majority of declines led by Banco Macro, which fell 2.9%. In contrast, Banco de Valores rose 2%.
Market sources noted that banking shares are taking a breather on Friday, after the strong advance of the previous Thursday, where they climbed up to 11.3%.
Strong gains due to better-than-expected inflation data in the U.S.
On the previous day, shares of Argentine companies recorded increases of up to 11.3% in New York following a greater global risk appetite, after U.S. inflation data came in below market expectations, keeping the possibility of interest rate cuts by the Federal Reserve alive.
The increases occurred after it was learned that consumer prices in the U.S. rose less than expected in the year to November, while the Bureau of Labor Statistics of the Department of Labor did not publish the month-to-month CPI changes after a 43-day government shutdown prevented the collection of October data.
