Argentine markets react with optimism in agreement with the IMF

The markets in Argentina close with important major the four alentados by the announcement that the country alcanzo a agreement with the Fondo Monetario Internacional (FMI) to restructure a debt of 45,000 million dollars, even if the operators are in arrears as of the future.

After the confirmation of the agreement, made by the President Peronista Alberto Fernández and ratified by the IMF, the market for assets is disparate and the Cambrian presses that control the Argentine world are dissipated.

“We have an impeccable debt, which we need to be present and future, and now we have a reasonable agreement that we will be able to create and comply with our obligations in the course of our crime,” Fernández said in a television message.

On the other hand, the Minister of the Economy, Martín Guzmán, explained that the treaty, with a duration of two years and a medium, involves a “gradual” reduction of the tax deficit to increase to 1.9% of Gross Domestic Product in 2023 and 0.9% for 2024, at a time when the international reserves increased by 5,000 million dollars in 2022, there was no change.

Analysts consulted no doubt the bonds of the agreed upon will be measured for the median place.

“The macrofinancial panorama has profound imbalances and generalized distortions that have a gradual adjustment strategy for politicians that is inherently risky,” said Alberto Ramos of Goldman Sachs & Co.

The risk margin developed by JP Morgan Bank increased 63 units, to 1,841 basic points from 2000 GMT, marking the beginning of weeks at a maximum historical level of 1,969 units.

“The announcement by Argentine President Fernandez that the governor has made a new agreement with the IMF, the second most important thing in its history, there is a shortage of international bond holders in the short term,” said Capital Economics.

“This is just the beginning of a long journey to correct the macroeconomic imbalances in Argentina, and there are many things that could be worse off in the near future,” he said.

The sober bonuses at the extrabursal local plaza won 5.8% rewarded by the low-yielding issues given to their returning investors, commenters said.

“The announcement of high sin dudas is a step forward, which implies an agreement on the main pillars of the program and shows the dudas in short place around a default”, commented Roberto Geretto of Fundcorp.

“For the median place, take the risk of serving in order for the macro not to be destabilized, to be called” light “as to radically change the expectations. “, afirmó.

The weight in the informal segment “blue” is down 4.71% to 209.5 / 212.50 per dollar, mark mark on the index has a minimum historical level of 220.5 / 223.5 units per dollar, operators comment.

“The positive initial reaction is also present between the financial dollars, and books, which are showing a moderate contraction through the old-fashioned reaction to the rising tide,” said economist Gustavo Ber.

The peso in the informal segment contributes with a pre-occupancy break 102.70% respect of the official contribution.

In the interbank banking segment, the loan depreciates by 0.07%, to 104.83 / 104.84 per dollar, with central bank liquidity regulation (BCRA), which spends 80 million dollars on its reserves to meet demand. divisas.

The BCRA accumulates weekly sales of its reduced reserves of 190 million dollars, according to operators.

In the alternative exchange segments, the “Liquidation Account” (CCL) bursa is priced at 226.50 pesos per dollar and the “MEP dollar” contribution at 216.10 units.

For its part, the bursatil plaza mejoró a 2.68%, with a temporary provision of 88,269.83 points in its lower index S&P Merval, with it accumulating an alza of 5.56% per week. The best lead by good liquid companies in the financial and energy segments.

“The majority of the Merval is” amortized by the contraction of the type of change implied and that the principal ADRs of banks and energetics exhibit superior points “, explained Ber.

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