TUESDAY'S SESSION WAS MIXED IN THE LOCAL MARKET. Equities advanced, driven by the energy sector, which benefited from a rise in crude oil prices. In contrast, dollar-denominated sovereigns gave back part of the week's accumulated gains amid a less favorable international backdrop. Peso-denominated curves traded mostly lower, with the exception of dollar-linked and dual bonds, which edged up slightly. The BCRA accelerated its pace of purchases with USD 235M on the day, while financial exchange rates declined and the official exchange rate posted a modest gain.

ARS-DENOMINATED DEBT POSTED A MOSTLY NEGATIVE SESSION. The fixed-rate curve was flat on average, though it saw declines of up to 0.4% in the mid-segment. CER-linked instruments fell around 0.3%, with larger losses concentrated in the long end of the curve. In contrast, dual bonds rose 0.1% and dollar-linked securities gained 0.6%, in line with the upward dynamics in exchange rates. The market continues to trade at negative real rates: the fixed-rate curve yields below 2% EMR (24% NAR) across most tenors. Overnight rates remain around 20% NAR, while the TAMAR stood at 22.3% NAR.

DOLLAR-DENOMINATED SOVEREIGN BONDS GAVE BACK PART OF THE WEEK'S GAINS, falling 0.8% amid a less favorable international context. The long end under both jurisdictions bore the brunt of the losses, with average declines of 1.2%, while the short segment saw a more moderate correction of 0.3%. Against this backdrop, country risk rose around 6bps, reaching 632bps. Bopreal bonds were no exception, also retreating 0.8%.

THE OFFICIAL EXCHANGE RATE ADVANCED 0.5%, closing at $1,379.05, now 22.5% below the upper band ceiling. Financial exchange rates moved in the opposite direction: the MEP fell 0.5% and the CCL declined 0.4%, closing at $1,413.44 and $1,462.8, respectively, while the spread held around 3.5%. Meanwhile, the BCRA stepped up its FX purchases, acquiring USD 235M on the day, as the agricultural sector also ramped up liquidations to approximately USD 163M daily. With these operations, the BCRA has accumulated net purchases of USD 2,000M in April, bringing the year-to-date total to USD 6,382M.

THE MERVAL ROSE 0.8% IN PESOS AND 1.1% IN CCL DOLLARS, reaching USD 2,014. Energy, Consumer Staples, and Utilities led the gains, while Construction, Materials, and Industrials underperformed. Among locally listed stocks, YPF (+5.6%), Pampa Energía (+2.1%), and COME (+2.0%) topped the gainers, while VALO (-2.4%), Edenor (-2.3%), and Transener (-1.9%) led the declines. Among ADRs, the average rose 0.3%, with YPF (+6.0%), Adecoagro (+5.8%), and Vista Energy (+2.3%) as the top performers, while Bioceres (-5.7%), Edenor (-2.3%), and Corporación América (-2.3%) posted the steepest losses.