DOLLAR-DENOMINATED BONDS REBOUNDED 1.5% AFTER TUESDAY’S DROP, amid a more positive session globally, outperforming emerging market debt. The Global bonds led the advance with a 1.7% increase, while Bonares rose 1.3%. Accordingly, the country risk fell again to 540 bps, down from 588 bps the previous day. Meanwhile, Bopreals gained 0.4%.

‍ARS-DENOMINATED DEBT ALSO EXPERIENCED A FAVORABLE SESSION in a context of overnight rates around 20%-21% NAR and a declining exchange rate, suggesting renewed interest in carry trade strategies. Adjusted for the exchange rate, the CER curve rose 1.6%, the Duals gained 1.3%, and the fixed-rate curve increased 1.0%. Meanwhile, the dollar-linked bonds advanced 0.6%.

‍THE OFFICIAL EXCHANGE RATE FELL 0.7% AND CLOSED AT $1,401.6, STANDING 15.2% BELOW THE UPPER LIMIT OF THE BAND. Both the MEP and CCL dollars declined 0.9%, closing at $1,425.7 and $1,468.1, respectively, while the spread between them edged up slightly to 3%. Meanwhile, the BCRA continued purchasing foreign currency in the official market, buying USD 40 M and bringing net purchases to USD 2,840 M so far this year. In this context, gross reserves increased by USD 73 M to USD 46,208 M.

‍THE MERVAL FELL 0.7% IN PESOS, ALTHOUGH IT ROSE 0.2% IN CCL DOLLAR TERMS, CLOSING AT USD 1,757. The sectors that drove the gains were industry and materials, while energy and banks offset part of the advance. In dollar terms, the best-performing stocks were Ternium, Holcim, and Aluar, posting gains between 4.9% and 5.6%. Meanwhile, TGS, VALO, and YPF declined between 0.8% and 2.9%. Among Argentine stocks listed on Wall Street, the average gain was 1.4%, outperforming the local market. AdecoAgro, Telecom, and Globant rose between 4.1% and 5.3%, while Vista, Edenor, and TGS fell between 0.7% and 0.9%.