PESO CURVES ENDED LOWER IN USD TERMS, with low intensity. Dual-linked bonds were flat (0.0%), followed by CER-linked notes, down 0.2%. Lecaps fell 0.3%, while dollar-linked bonds dropped 0.5%.
HARD-DOLLAR SOVEREIGNS TRADED LOWER ACROSS THE BOARD, Globales led the losses, down 1.9%, while Bonares fell 1.2%. Within the curve, GD30 was hit hardest with a 4.1% drop, widening the spread versus the rest of the long end, which fell between 1.0% and 1.6%. Country risk closed at 434 bps, up 6 bps from the previous close.
THE OFFICIAL FX RATE CLOSED AT $1,497.0, up 0.05%, accumulating 0.6% month-to-date. The MEP rate fell 0.2% to $1,518, while the CCL rose 0.3% to $1,575.5. The swap spread stood at -0.2%. On the FX front, the BCRA bought USD 41 M, accumulating USD 95 M in August and USD 13,432 M year-to-date. Gross reserves fell USD 1,224 M to USD 48,835 M, mainly explained by the Treasury's USD purchases from the BCRA.
THE MERVAL FELL 1.8% IN PESOS AND 1.6% IN USD, closing at USD 1,972. ADRs followed suit with an average 1.7% decline. At the sector level, Energy was the only sector in the green (+1.6%), while Construction (-3.0%), Financials (-2.9%), and Utilities (-2.6%) led the declines. Among individual stocks, YPF stood out with a 2.1% gain, along with TGN (+1.0%). On the downside, Central Puerto dropped 3.7% and Banco Macro fell 3.5%. In the ADR segment, Vista Energy led the gains (+3.5%) while MELI topped the losers (-4.8%).
