DOLLAR BONDS ENDED WITH A BEARISH BIAS, as Bonares fell 0.3% on average and Globales closed nearly unchanged, down 0.1% on average. Country risk closed at 503 basis points, while Bopreal, measured in dollars, ended the session with no significant changes.
PESO CURVES ROSE IN USD TERMS, despite the more adverse external backdrop. Dollar linked instruments led with 0.6%, followed by CER-linked bonds at 0.5%, while fixed-rate and CER-TAMAR dual bonds closed with more moderate gains, around 0.4% each.
THE OFFICIAL EXCHANGE RATE ROSE 0.2%, closing at $1,509.1, with a nearly neutral change so far this month. The MEP dollar advanced 0.3% to $1,537.5, and the CCL dollar closed stable at $1,592.9. The swap spread stood at 3.6%. The BCRA bought USD 9 M in the FX market, bringing the month's total to USD 158 M, while gross reserves rose USD 47 M to USD 50,000 M.
THE MERVAL FELL 1.5% IN USD TERMS, (1.8% in pesos), to USD 1,900, in a session where the average ADR dropped 1.6% and the CCL dollar fell 0.3%. Sector leadership was in non-essential and staple consumption, while energy, utilities, and construction lagged. Among local stocks, Transportadora de Gas del Norte, Cresud, and Banco Supervielle led gains, while YPF, Pampa Energia, and Transener led losses. Among ADRs, Cresud, Mercado Libre, and Adecoagro performed best, while Vista Energy, YPF, and Bioceres performed worst.
AUGUST MACRO DATA SHOWED CONSTRUCTION COSTS RISING 2.5% M/M, and accumulating 33.2% y/y, accelerating from 2.2% in July and 2.0% in June, with labor costs as the main driver following the UOCRA wage agreement. The wholesale price index also accelerated sharply, from 0.8% in July to 2.1% in August, after 1.1% in June, driven by crude oil and gas and imported goods.
