DOLLAR DEBT WITHSTOOD GLOBAL TENSIONS, with country risk continuing to ease, while peso bonds softened and equities closed broadly lower. The official exchange rate rose slightly, the BCRA bought again, and reserves were reinforced by a multilateral disbursement. On the activity front, mining sustained its expansion on the back of energy and lithium, while fishing pulled back.
DOLLAR DEBT HELD FIRM DESPITE GLOBAL TENSIONS and weak emerging-market debt. While Globales fell 0.3%, Bonares advanced 0.4%, with the AL41 standing out (+0.7%). With this performance, country risk closed at 406 bps. Separately, Bopreales fell 0.2%.
PESO BONDS EDGED LOWER, in a session where system liquidity remains ample and rates stable at 18%-20% NAR. Lecaps held up best (-0.2%), followed by CER bonds (-0.3%), while Duals and dollar-linked bonds eased around 0.4%.
THE OFFICIAL EXCHANGE RATE ROSE 0.1%, closing at $1,491.55 and accumulating a 0.6% rise on the month. Financial dollars also rose: the MEP up 0.6% and the CCL up 0.4%, closing at $1,532 and $1,577.6 respectively. Separately, the BCRA bought USD 25 M, accumulating purchases of USD 11,430 M this year. Gross reserves rose USD 1,264 M, on the IDB’s USD 1,000 M disbursement, closing at USD 49,536 M.
THE MERVAL FELL 1.7% IN DOLLAR TERMS, closing at USD 2,044, in a broadly lower session. Banks, real estate and communications led the losses; energy (boosted by a fresh rise in crude prices) and consumer were the only sectors in the green. Among local stocks, Loma Negra (-4.3%), Cresud (-4.1%) and IRSA (-3.8%) led the declines; YPF (+2.1%), Mirgor (+1.1%) and Pampa (+0.4%) closed higher. Among ADRs, the average drop was 1.6%: Bioceres (-8.3%), Cresud (-4.5%) and IRSA (-4.1%) led the losses, while Globant (+2.3%), YPF (+2.2%) and AdecoAgro (+1.5%) were the main gainers.
MAY MINING OUTPUT ROSE 9.2% YEAR-ON-YEAR (up 7.8% year-to-date), driven by crude oil (+19.2%, with Vaca Muerta unconventional at +38.5%) and non-metallic minerals (+42.9%), pulled by lithium and frac sand. In contrast, fishing output fell 24.3% y/y, though the year-to-date figure remains positive (+9.7%): the decline is almost entirely due to mollusks (-95.8%), against an exceptional squid season a year earlier, only partly offset by a rebound in crustaceans and fish.
