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The financial day offered negative numbers in the foreign markets and also at the domestic level, with a firm profit taking for stocks and bonds, and an increase in the price of the blue dollar.
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In the wholesale market, it continued with a “micro devaluation” of the peso: the dollar closed at $ 70.22, with a gain of six cents a day, and 42 cents a week. The BCRA would have ended with a net buyer balance of USD 50 million, compared to operations for USD 220 million in the cash round (spot).
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He central bank reported that importing companies will be able to access the exchange market to pay for goods shipped from July 1 and access to import payments of less than $ 1 million is released.
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The volatility in stocks and bonds, as a result of the adverse context for stock bets, official controls and also due to the appreciable rates for placements in pesos, converged in a new fall for the implicit exchange rate.
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The cash settlement closed at $ 105.46, at its lowest price since April 17. The MEP dollar ended traded at 102.52 pesos.
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“After descending another step, the ‘gaps’ – already more compressed in the order of 50% – once again exhibit greater calm given that betting on carry-trade looking to take advantage of tactical opportunities ”he explained Gustavo Ber, economist at Estudio Ber.
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Argentine stocks and bonds were traded lower this Friday, in line with the trend of their external peers, amid fears of an increase in cases of coronavirus in the US, in a place that remains attentive to the progress of the economic team to reach an agreement with creditors of foreign currency debt to avoid default.
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Benchmark dollar bonds fell 1% on average abroad. The government extended until July 24 the deadline to reach an agreement with creditors for the restructuring of some $ 65 billion.
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“We are nearing the end of another week, and a few days after the end of June, we continue to ride wheels of great uncertainty regarding debt restructuring. In a framework where the focus remains on the legal clauses of the titles, we believe that it is still lacking to have concrete news, “said a report by Personal Investment Portfolio.
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The government announced the payment of the Yen-nominated Disc bonds since they were not included as eligible securities for the restructuring offer, operators told Reuters. They estimated that the circulation of the Disc in Yen is about 90 million of dollars.
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Argentina’s country risk, measured by the JP Morgan bank, rose 19 units to 2,546 basis points at 5:00 p.m., closing time of the stock trading in Buenos Aires and New York.
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The sovereign bonds in the Electronic Open Market (MAE) operated with an average decrease of 0.6% in pesos in a selective place of business.
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The leading index S&P Merval lost 3.4% to 40,589 units, led by the negative trend of financial stocks.
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Negative contagion on Wall Street
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The indicators of the New York stock markets fell sharply, in the face of a record increase in cases of coronavirus in the United States that made investors fear and added to the effects on the financial segment of measures announced by the Federal Reserve to limit the bank operations.
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The S&P 500 sub-index of banks declined 5% after the Fed said it would restrict dividend payments and ban share buybacks until at least the fourth quarter, after evaluating the finances of the companies in stress tests. Investor concern also grew about the increasing rate of COVID-19 infections in several states in the United States, including Texas, Oregon and Utah.
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Texas, which was spearheading efforts to reopen the economy, had to postpone its plans to revive commerce and businesses after registering one of the country’s biggest increases in new infections.
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“There is a fight in the market between those who think that the economic recovery is unstoppable and those who think that there will be more difficulties ahead”, commented Christopher Grisanti, equity asset strategist at MAI Capital Management in Cleveland, Ohio.
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