Reports
| Date | Report | Type |
|---|---|---|
| 06/08/2019 | Argentina Fixed Income MarketFrom an economic point of view, the economic data allows us to think about a recovery start after a year of slowdown, while in the short term the main driver of the Argentine assets will be the presidential elections, and mainly the difference between Macri and Fernandez in the primary elections. The expectation of lower inflation for the upcoming months would accentuate the recovery both in economic terms and in the risk profile of Argentine bonds. |
Fixed Income Weekly |
| 06/08/2019 | International Macroeconomic PerspectivesUS: The Fed cut rates by 25bps, but extension of the trade conflict with China is likely to pressure for further cuts this year. |
Macro Economy Weekly |
| 06/08/2019 | Argentina Macroeconomic PerspectivesArgentina: Trade war between US and China continued escalating, affecting the exchange rate, however, Central Bank actions were sufficient to calm the domestic market |
Macro Economy Weekly |
| 31/07/2019 | Argentina Fixed Income MarketWhile economic activity data showed a slight recovery after a year of negative growth, the uncertainty regarding the presidential elections acts as the main driver for the prices of Argentine assets short term performance. Lower inflation expectations in June and for the coming months would be a positive driver, contributing to the recovery both at the economic level and the Argentine bonds’ risk profile. |
Fixed Income Weekly |
| 30/07/2019 | Argentina Equity MarketLess than 2 weeks remain for the primary elections, and volatility is expected to remain in the local market. A positive result for the ruling party could generate a greater rally in the stock market, especially in cyclical sectors and in those which are lagging. The result is still uncertain, so we recommend having a conservative position. |
Equity Weekly Report |
| 30/07/2019 | International Macroeconomic PerspectivesUS: The Federal Reserve is expected to cut rates this week despite a healthy economy. |
Macro Economy Weekly |
| 30/07/2019 | Argentina Macroeconomic PerspectivesArgentina: Driven by the agriculture sector, the economy grew 2.6% yoy in May |
Macro Economy Weekly |
| 24/07/2019 | Argentina Equity MarketThe electoral scenario is somewhat clear as the electorate would be divided into two: center left and center right, which would be almost binary, continuing to generate uncertainty until the primaries take place. Although investors are now assigning a greater probability of a more favorable scenario to the Government, as volatility remains high, we do not recommend increasing exposure to domestic stocks. |
Equity Weekly Report |
| 22/07/2019 | Argentina Fixed Income MarketRegarding dollar denominated bonds, our suggestion is to maintain a position in those liquid and short-term, such as dollar denominated Bills, with a 4% yield and significant lower volatility than longer bonds. For more aggressive portfolios, longer bonds are attractive in light of a lower parity which would limit risk in a debt stress event. In addition, corporate bonds issued by companies with significant US dollars denominated revenues, such as Pan American Energy, Adecoagro and TGS, are attractive due to the fact that they are able to generate foreign currency to repay debt. |
Fixed Income Weekly |
| 22/07/2019 | International Macroeconomic Perspectives- US: The Fed is expected to lower rates this week, although economic figures don’t signal an imminent downturn. |
Macro Economy Weekly |
| 22/07/2019 | Argentina Macroeconomic PerspectivesArgentina: As primary elections get closer, pressure on the peso increased, testing the Central Bank´s capacity to minimize exchange rate volatility |
Macro Economy Weekly |
| 16/07/2019 | International Macroeconomic Perspectives- US: Industrial production was flat in June, despite a slight improvement in manufacturing activity. |
Macro Economy Weekly |
| 16/07/2019 | Argentina Macroeconomic PerspectivesArgentina: Monthly inflation fell to 2.7% in June, the third straight monthly decline |
Macro Economy Weekly |
| 16/07/2019 | Argentina Fixed Income MarketWhile economic activity data showed a slight recovery after a year of negative growth, the uncertainty regarding the presidential elections acts as a short-term negative driver for the prices of Argentine assets. Lower inflation expectations in June and for the coming months would be a positive driver, contributing to the recovery both at the economic level and the Argentine bonds’ risk profile. |
Fixed Income Weekly |
| 16/07/2019 | Argentina Equity MarketThe electoral scenario is somewhat clear as the electorate would be divided into two: center left and center right, which would be almost binary, continuing to generate uncertainty until the primary elections take place. Investors are now assigning a greater probability of an electoral scenario more favorable to the Government. |
Equity Weekly Report |