Reports

Date Report Type
22/10/2019

International Macroeconomic Perspectives

US: Relative optimism as negotiations with China advance, distracts from weak economic figures.

Macro Economy Weekly
22/10/2019

Argentina Macroeconomic Perspectives

Argentina: Proximity to elections increases pressure on the peso and on international reserves, amid rising expectations FX controls could tighten

Macro Economy Weekly
22/10/2019

Argentina Equity Market

Following 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
21/10/2019

Argentina Fixed Income Market

Domestic bonds are currently pricing very pessimistic scenarios. However, 2019 debt payments would be covered 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.  

Fixed Income Weekly
16/10/2019

International Macroeconomic Perspectives

- US: Relative optimism following negotiations with China amid IMF´s warning on slowing global growth.

Macro Economy Weekly
16/10/2019

Argentina Macroeconomic Perspectives

Argentina: 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 Market

Following 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 Market

Domestic 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 Perspectives

Argentina: August activity figures reflect Primaries´ negative effect, reducing the possibility of an immediate recovery

Macro Economy Weekly
08/10/2019

International Macroeconomic Perspectives

US: Markets increase expectations of another rate cut amid a slowing service sector.

Macro Economy Weekly
08/10/2019

Argentina Equity Market

Following 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 Market

Domestic 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 Market

Following the tightening of FX controls, domestic securities continued falling reflecting significantly weaker economic conditions

Equity Weekly Report
01/10/2019

Argentina Fixed Income Market

Domestic 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 Perspectives

US: Consumer spending weakened in August, signaling a possible GDP growth slowdown in the third quarter.

Macro Economy Weekly