Shares of Argentine companies fell this Monday, after having consolidated a solid start to the year.
In step with the main Wall Street indices and with
investors attentive to the political negotiation for the Omnibus Law
this week in Congress, companies listed in New York
fell more than 7% with the banks in the lead.
Global markets opened in the red this Monday, after the president of the United States Federal Reserve, Jerome Powell, ruled out the possibility of
short-term
interest rate cuts .
Jerome Powell said Sunday in an interview on CBS' '60 Minutes' that the Fed is waiting for more evidence that inflation is headed toward the bank's 2% target before beginning rate cuts.
10-year US Treasury bond yields soar above 4%
.
"We just want a little more confidence before we take that very important step of starting to cut interest rates," he said.
In this context, it is the ADRs of the banking sector that suffer the most.
Banco
Supervielle
sinks more than 7%, followed by
Macro
, which loses 6.9%, and
Galicia
, which falls 6.2%.
Even with these reds, these papers have maintained gains in dollars since the beginning of the year.
The bad mood of the global markets affects the
Buenos Aires stock market, which begins the week with a red of 4.5%
after noon.
In the local market, the biggest decline corresponds to the role of
Telecom,
with a decrease of 5.89%, followed by
Banco Supervielle
(5.77%) and
Cresud
(5.58%).
On the contrary, dollar bonds mainly show advances.
The so-called Globals
, debt securities that are governed by foreign law,
rise more than 3%
;
while local law bonds advanced from a lower step.
Argentine debt recovers in February after a weak start to the year, with investors attentive to the progress that Javier Milei makes on the political front to carry out the proposed economic reforms.
"The pace of the sovereign debt in dollars will continue to be highly influenced by the local level and the particular debate of the Omnibus Law. In relation to this, its treatment is restarted, which could have great extension. The most emblematic issues are the fate of the collection of the country tax, extraordinary powers and privatizations," they stated in PPI.
"In any case, we cannot ignore the international level. Jerome Powell, Chairman of the Federal Reserve, reiterated that it is probably too early to start rate cuts at the March meeting," they added.
Although it follows the line with the latest sayings and reports, it is a fundamental issue to follow closely, since it
directly affects the emerging debt segment."
In this context,
the country risk returns to 1,860 points.
NE