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US DOLLAR-DENOMINATED SOVEREIGN BONDS TRADED MIXED IN A VOLATILE GLOBAL SESSION, underperforming broader emerging market debt. Global bonds edged up 0.1%, while Bonares slipped 0.2%. As a result, country risk widened again to 588 basis points. Meanwhile, Bopreal bonds gained 0.1%.
DESPITE GLOBAL VOLATILITY, SHORT-TERM RATES REMAINED STABLE: the one-day repo and the caución closed at 20–21% TNA. Peso curves reacted positively to the CABA CPI, which came in below expectations, with dual bonds standing out with a 1.0% gain. Meanwhile, CER-linked bonds rose 0.6% and the fixed-rate curve advanced 0.4%, while dollar-linked bonds gained 1.0%.
THE OFFICIAL EXCHANGE RATE ROSE 0.4% AND CLOSED AT $1,407.15, standing at 14.8% below the upper limit of the band. Both the MEP and CCL dollars increased by 0.2%, closing at $1,428.8 and $1,470.7, respectively, while the swap barely rose to 3%. Meanwhile, the BCRA extended currency purchases in the official market with acquisitions totaling USD 124 M, accumulating net purchases of USD 2,964 M for the year. In this context, gross reserves fell by USD 383 M to USD 45,825 M, mainly explained by the drop in the price of gold.
THE MERVAL ROSE 0.3% IN PESOS AND 0.6% IN CCL DOLLARS, CLOSING AT USD 1,784. Industrial and construction sectors drove the gains, with Holcim, TGN, and Supervielle posting the strongest advances, rising between 3.7% and 8.9%. On the other hand, the energy sector partially offset these gains due to the decline in oil prices, with YPF, Mirgor, and Ternium falling between 1.1% and 1.9%. Argentine stocks listed on Wall Street advanced 0.7%, led by Supervielle, IRSA, and Cresud, which posted gains between 3.0% and 4.1%. Meanwhile, Vista, Globant, and AdecoAgro declined between 1.7% and 3.7%.
