DOLLAR-DENOMINATED DEBT POSTED ANOTHER NEGATIVE SESSION, amid a global fixed income selloff that weighed on emerging markets. Sovereign bonds fell 0.5%, underperforming emerging market debt. Long-dated local-law bonds were the hardest hit, with declines of up to 1.2%, while the short end slipped an average of just 0.2%. Country risk closed at 586 bps (+13 bps vs. Monday). Bopreal bonds, on the other hand, rose 0.2%.
ARS-DENOMINATED DEBT TRADED MIXED AHEAD OF THE UPCOMING AUCTION, with CER bonds as the weakest performers, rising 0.7%. The fixed-rate curve gained 1.4% and dual bonds advanced 1.3%. Dollar-linked bonds rose 0.8%.
THE OFFICIAL EXCHANGE RATE RETREATED 0.3%, closing at $1,408.15 — 20.7% below the ceiling of the band, which on Tuesday approached $1,700. Financial exchange rates fell more sharply: the MEP dropped 1.1% to $1,448.1 and the cash-settlement rate fell 1.2% to $1,499.4, with the spread at 3.5%. The BCRA continued buying in the MLC but at a slower pace — USD 53M per day — bringing monthly purchases to USD 2,597M and year-to-date purchases to USD 6,872M. Gross reserves fell USD 210M, closing at USD 45,878M.
THE MERVAL GAINED 0.1% IN PESOS AND 1.3% IN DOLLAR TERMS, closing at USD 1,914. The rally was driven by construction and utilities, while communications and real estate underperformed. On the local board, Holcim (3.5%), Loma Negra (3.1%), and Central Puerto (3.1%) led the gains, while Transportadora Gas del Norte (-3.1%), IRSA (-1.5%), and Aluar (-1.0%) posted the steepest losses. Among NYSE-listed stocks, the average rose 0.6%, with AdecoAgro (5.0%), Loma Negra (2.9%), and BBVA (2.6%) as the top gainers, while Bioceres (-5.1%), Globant (-3.3%), and MercadoLibre (-2.6%) led the declines.


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