Reports
| Date | Report | Type |
|---|---|---|
| 16/10/2019 | Argentina Macroeconomic PerspectivesArgentina: US dollar deposits drain slowed during the past month, while the Central Bank (CB) remains active in the FX market to ease pressure on the peso |
Macro Economy Weekly |
| 15/10/2019 | Argentina Equity MarketFollowing the tightening of FX controls, domestic securities continued falling reflecting significantly weaker economic conditions. Companies with a high percentage of dollar denominated revenues, lower operating exposure to domestic market and low debt levels would act as a hedge in the current scenario. |
Equity Weekly Report |
| 15/10/2019 | Argentina Fixed Income MarketDomestic bonds are currently pricing very pessimistic scenarios. However, 2019 debt payments would be guaranteed by part of the IMF loan specifically earmarked for reserve strengthening, which also implies that the Treasury does not have the necessary liquidity to meet future payments. Looking ahead to 2020, consensus among presidential candidates is to reach a debt maturities extension without principal haircuts, but we consider it a non-sustainable project in the medium term (i.e., 4 – 5 years) unless deep fiscal reforms take place. |
Fixed Income Weekly |
| 08/10/2019 | Argentina Macroeconomic PerspectivesArgentina: August activity figures reflect Primaries´ negative effect, reducing the possibility of an immediate recovery |
Macro Economy Weekly |
| 08/10/2019 | International Macroeconomic PerspectivesUS: Markets increase expectations of another rate cut amid a slowing service sector. |
Macro Economy Weekly |
| 08/10/2019 | Argentina Equity MarketFollowing the tightening of FX controls, domestic securities continued falling reflecting significantly weaker economic conditions. Companies with a high percentage of dollar denominated revenues, lower operating exposure to domestic market and low debt levels would act as a hedge in the current scenario. |
Equity Weekly Report |
| 07/10/2019 | Argentina Fixed Income MarketDomestic bonds are currently pricing very pessimistic scenarios. However, 2019 debt payments would be guaranteed by part of the IMF loan specifically earmarked for reserve strengthening, which also implies that the Treasury does not have the necessary liquidity to meet future payments. Looking ahead to 2020, the debt restructuring bill sent by the Treasury to Congress does not contain any details about a specific proposal, supporting uncertainty reflected in prices, and does not make it attractive to increase exposure to local assets. |
Fixed Income Weekly |
| 02/10/2019 | Argentina Equity MarketFollowing the tightening of FX controls, domestic securities continued falling reflecting significantly weaker economic conditions |
Equity Weekly Report |
| 01/10/2019 | Argentina Fixed Income MarketDomestic bonds are currently pricing very pessimistic scenarios. The main risk is that the project sent by the Government to the Congress does not contain any details about a restructuring proposal, which still generates significant uncertainty and does not make it attractive to increase exposure to local assets. |
Fixed Income Weekly |
| 01/10/2019 | International Macroeconomic PerspectivesUS: Consumer spending weakened in August, signaling a possible GDP growth slowdown in the third quarter. |
Macro Economy Weekly |
| 01/10/2019 | Argentina Macroeconomic PerspectivesArgentina: FX controls allowed the Central Bank (CB) to reduce the Leliq rate in 6.9 percentage points during September |
Macro Economy Weekly |
| 01/10/2019 | San Miguel 2Q19Adverse climate weighed on the period´s harvest and sales. A recovery is likely in the next quarter, when the majority of sales is booked. |
Equity Full Report |
| 24/09/2019 | International Macroeconomic PerspectivesUS: The Fed cut rates again, but Committee members were split over the decision and the outlook for further reductions. |
Macro Economy Weekly |
| 24/09/2019 | Argentina Macroeconomic PerspectivesArgentina: GDP rose 0.6% yoy in the second quarter but is expected to fall 3% this year |
Macro Economy Weekly |
| 24/09/2019 | Argentina Equity MarketFollowing Lecaps and Letes maturities extensions, and FX controls, domestic securities slumped reflecting significantly weaker economic conditions. We suggest reducing exposure to argentine banks, however they trade at book value, an indication of the severe sell off, and utility companies, due to higher regulatory risk and possible tariff freezing. Companies with a high percentage of dollar denominated revenues, lower operating exposure to domestic market and low debt levels would act as a hedge in the current scenario. |
Equity Weekly Report |