EQUITIES TOOK CENTER STAGE, with the Merval extending its third consecutive gain and posting broad-based advances in both pesos and dollars. Hard-dollar debt was steadier, with Bonares pulling away from Globales and country risk back in the 500bp zone amid an emerging-market debt complex that was little changed. The peso curve edged lower in USD terms even as overnight rates held steady, while the official exchange rate eased and financial dollars rose. The BCRA maintained its buying streak and gross reserves grew again.
DOLLAR BONDS CLOSED MIXED, with sovereign debt ending practically unchanged, down an average of 0.1%. The difference was in legislation: Bonares rose 0.4% while Globales fell 0.4%, in a session where emerging-market debt closed with a minimal gain. Country risk stood at 500bp, down 2.3% on the day. Bopreal, measured in MEP dollars, advanced 0.1%.
PESO CURVES ENDED LOWER IN USD TERMS, with CER-linked bonds leading the decline at -0.4%, followed by CER-TAMAR duals, also down 0.4%, fixed-rate paper down 0.5%, and dollar-linked bonds off 0.7%. Overnight rates, both for cauciones and repo, held steady with no moves that altered short-end curve pricing.
THE OFFICIAL EXCHANGE RATE FELL 0.1%, closing at $1,511.63, up 0.1% month-to-date. Financial dollars moved in the opposite direction: the MEP dollar rose 0.7% to $1,544.00 and the CCL dollar advanced 0.6% to $1,599.35, with the spread at 3.6%. Separately, the BCRA bought USD 28 M on the day, bringing year-to-date purchases to USD 14,150 M. Meanwhile, gross reserves rose USD 280 M to close at USD 50,485 M.
THE MERVAL ROSE 2.3% IN USD TERMS, up 1.9% in pesos, closing at USD 1,956.8 and extending its winning streak to a third consecutive session. Leadership came from consumer staples, energy, and utilities, while industrials, materials, and communications lagged. Among local-panel names, Edenor stood out at 4.1%, Cresud at 4.1%, and Transportadora de Gas del Norte at 3.8%, while Mirgor slipped 1.0% and IRSA and Telecom Argentina lagged. New York-listed shares rose 1.8% on average, led by Edenor at 5.1%, Corporación América at 4.7%, and Cresud at 4.5%, while Bioceres fell 2.8%, Globant fell 2.0%, and Adecoagro fell 2.0%.
