Donald Trump A comparative tone for the developments that China publishes included reductions of tariffs for the manufactured cars in the United States until they left the inconvenience they set to establish companies.
The gesture has revived all markets in the world because money has changed direction. US bonds and dollars cease to have a destination day chosen by those who are at risk. Due to a reduction in the US currency against almost every money in the world, including the emerging ones.
The investment climate did it cover in 24 hours. Wall Street closed with all the positive indicators as well as European and Asian exchanges.
Of course, the local stock market was also part of risk recovery and Merval's index of leading shares rose 0.45%, an increase that was most relevant because it coincided with the dollar decline in Argentina.
There was no optional sector, but turned investors to the papers that had opportunity prices. That is why The North Gas Transportadora stood out with an increase of 2.93%. The increase in the remaining shares was never more than 2%. The losses only achieved five actions and were small.
On Wall Street Argentine ADR, ownership certificates of quoted quotes in dollars, did not stand out. Loma Negra Solo won an interesting 4.45% increase.
In Buenos Aires, daytime mood was focused on what would happen with the currency – in a day when Treasury bills were set in dollars – and with interest rate policy
It highlighted the reduction in the Liquid Letter (Leliq) motion proposal because it was believed that the Central Bank was going to break its policy after the strength of the dollar in the world. Anyway, He took advantage of the occasion and the cut rate was set at 59.50% per annum (0.05 points lower than the previous wheel). This reduction in rates prevents all titles from being renewed. The Central Bank set $ 156,296 million and released $ 21,745 million. In two days he added $ 40 billion to the market.
The dollar began to fall and threaten a little back soon after 11.00 but it was a threat that it did not thrive. In banks and exchange houses, the currency lost 20 cents and closed at $ 38.62. The "blue" stayed at $ 37.50 almost without operations. In the wholesale market, the fall was 19 cents to $ 7.61.
Central Bank reserves had a day of relief because they were raising USD 93 million to 49,882 million. The euro and gold left merit worth the dollar and managed to revaluate the USD 56 million reserves. The payments were high: 88 million to international organizations and 2 million to Brazil.
Letes offered, higher than expectations. The strong renewal was due to the expiration of Personal Property Tax. Those who carry out their job in Letes have been exempt from the tax that calculates the individual assets on December 31.
Therefore, at a maturity of USD 1,100 million, the Treasury set USD 850 million at an annual rate of 4.75%, which we must add 0.50% of the personal property tax rate.
The bonds had small recovery, but they are still assets that investors reject. The risk in the country has dropped slightly from 2.11% to 741 basis points. The 0.60% increase of Bonar 2024, the bond in dollar references, was essential to improve the scale. In any case, Argentine bonds are considered to be high risk assets and will lose their current rate soon. For the time being, the note of provincial public titles is already being reviewed, while a large company that has listed on the stock exchange is about to enter a failure because it can not comply with & # 39; to negotiable obligations published in dollars.
The wheel left a collection. The Central Bank has a huge pressure and can not reduce the excessive interest rate without the dollar escaping. He also found that his plan relied more on what is happening outside. This time, he was favored by a dollar that fell not only in Argentina but lost 0.30% against the world's big six and 1.70% against the real money and the other money the country should observe carefully. Now the dollar went from 3.92 reais to 3.88. But he knows that dollarization of portfolios is a tendency and can not stick back to the exchange rate.
The risk of a country is another problem because it depends on how you do your homework to win the presidential elections in 2019. In order for an investor to not be horizontally because he does not know what will happen to the debt in 2020, it's similar to acting in a cage.