Locally, the S&P Merval advanced in pesos, although below the variation of the dollar settled with liquidation.
On a day marked by currency tensions and government intervention, the official dollar reached a new record and rose $25 at Banco Nación, closing at $1.325 for sale. Meanwhile, dollar-denominated bonds and ADRs fell on Wall Street, and the blue dollar remained stable at $1.320. Despite this situation, the S&P Merval achieved a significant 16% gain in July, highlighting the performance of the local market's real estate and utilities sectors.
Dollar-denominated bonds and ADRs were the hardest hit on Wall Street, with declines of up to 3.3% at major banks such as Grupo Supervielle and Grupo Financiero Galicia. Additionally, the Bonar 2041 lost 1.9%, and other sovereign bonds such as the Bonar 2038 and Global 2029 also suffered losses. Despite these declines, bonds adjusted for the Reference Stabilization Ratio (CER) performed positively, with increases of up to 3.8%.
In the local market, the S&P Merval advanced 16.3% in pesos (3.6% in dollars), reaching 2,319,510.48 points. This growth was driven primarily by the energy sector, with Transener (+20%) and IRSA (+15%) gaining most.
According to Isabel Botta, Product Manager at Balanz, the slowdown in inflation has been consolidated as a positive sign, motivating investors to recalibrate their portfolios ahead of the second half of the year, marked by the October elections.
Internationally, the major indices in New York closed lower due to economic data and expectations for central bank decisions. The Federal Reserve (Fed) kept interest rates steady, but US inflation rose in June, raising concerns about import tariffs.
On the other hand, dollar-denominated bonds in Argentina were pressured by the global strength of the dollar, although the performance of Argentine assets continues to be influenced by local factors, such as electoral volatility and the definition of the exchange rate regime.
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