So far in March it has risen almost 70% despite being at exorbitant levels. The indicator is trading at almost 3,900 points. Falling Argentine stocks
Also on another day of extreme nervousness for the markets, stocks fell as much as 7%. In the month, Argentina’s debt skidded up to 30%, precisely before the launch of the offer to restructure $ 69 billion in bonds.
The collapse is greater when it is seen that the country risk of Brazil is below 400 points or Mexico that has 350 units.
“The equation seems simple, as long as there is no evidence of a slowdown in new coronavirus cases, we will not be able to find a floor from where to start the recovery,” said Portfolio Personal Inversiones.
Of course the world doesn’t help at all. The main Wall Street indexes were collapsing at the beginning of the session on Wednesday, as the alarming signs of losses among the big companies of the United States overshadowed the effect of the numerous stimuli that the authorities launched to protect the economy.
The Dow Jones fell 1.048.69 points, or 4.94%, to 20,188.69 units; while the S&P 500 index fell 92.69 points, or 3.66%, to 2,436.50 units; and the Nasdaq index lost 432.47 points, or 5.90%, to 6,902.32 units.
This happens despite the fact that the central countries are launching measures to alleviate the economic recession. From Japan, through France and ending in the US, all governments announced forceful measures to overcome what may be a very recessive quarter for the private sector.
“There is still fabric to cut, especially in North America, since Congress must approve the package outlined by Mnuchin, which could reach $ 1.2 trillion, or almost 6% of GDP. In an election year, This stop in the Legislative Branch should not be taken for granted, but could generate some additional noise in the short term, “says Delphos Investment.
And on the other side of the Atlantic, against all precedent, Merkel says that Germany would consider issuing joint bonds by the countries of the European Union to fight the coronavirus.
Although a drop in GDP was expected for this year, it was supposed to be accompanied by a heterogeneous recovery in the sectors. However, everything suggests that we are on the way to deepening the drop in activity with a strong impact on fiscal accounts.“added CMA.
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