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15.12.23 · wallstreetONLINE NewsUpdate |
15.12.23 · wallstreetONLINE Redaktion |
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$ARGT-ETF in U.S. dollar:
4.1.
Best ETF in the World Faces Crucial Test With Milei’s Argentina Overhaul Under Fire
https://finance.yahoo.com/news/best-etf-world-faces-crucial-…
...
The Global X MSCI Argentina ETF was the best-performing single-country equity ETF in the world in 2023, with returns of 53%, data compiled by Bloomberg show.
The fund, one of the main securities for investors interested in putting money in a country where access to local markets is complicated by capital controls, saw assets jump four-fold in the past year, to $124 million.
The ETF attracted about $30 million of inflows in December alone, the most since its launch in 2011, as Milei took office and announced a slate of measures to shrink the state and try to stem inflation that’s running at 160% a year. Investors, who poured another $2 million into ARGT on the first US trading session of 2024, see additional gains hinging on his ability to push through a contentious reform agenda with little support in congress.
“There’s upside if things stay on track,” said Greg Lesko, managing director at Deltec Asset Management LLC in New York. “Protests and the courts will be a challenge.”
...
4.1.
Best ETF in the World Faces Crucial Test With Milei’s Argentina Overhaul Under Fire
https://finance.yahoo.com/news/best-etf-world-faces-crucial-…
...
The Global X MSCI Argentina ETF was the best-performing single-country equity ETF in the world in 2023, with returns of 53%, data compiled by Bloomberg show.
The fund, one of the main securities for investors interested in putting money in a country where access to local markets is complicated by capital controls, saw assets jump four-fold in the past year, to $124 million.
The ETF attracted about $30 million of inflows in December alone, the most since its launch in 2011, as Milei took office and announced a slate of measures to shrink the state and try to stem inflation that’s running at 160% a year. Investors, who poured another $2 million into ARGT on the first US trading session of 2024, see additional gains hinging on his ability to push through a contentious reform agenda with little support in congress.
“There’s upside if things stay on track,” said Greg Lesko, managing director at Deltec Asset Management LLC in New York. “Protests and the courts will be a challenge.”
...
28.12.
Argentina’s First ‘Reconstruction’ Bond Sale to Importers Flops
https://finance.yahoo.com/news/argentina-first-reconstructio…
...
The Argentine Central Bank’s first auction to pay down importers’ debts owed to suppliers abroad flopped Thursday as the monetary authority only sold a fraction of the total it had offered.
...
The central bank reported that it sold just $68 million after receiving 34 offers from Argentine importers when it previously announced a maximum of $750 million in notes available. Bloomberg reported the sum earlier Thursday. Importers bought the bonds first, but have the right to resell most of the notes in the secondary market to other investors.
In a statement, central bank officials anticipated that “the volume of participation will go up,” as the bank “continues clarifying the operative processes for subscription and required documentation.”
The auction results mark Milei’s first setback in markets after a relatively successful currency devaluation followed by a record sale of peso debt, build up of foreign reserves and dollar bond rally. Clearing away the $30 billion importers owe abroad is a key step before Milei’s administration can remove byzantine financial controls it inherited from the previous government. The bonds serve another purpose too of mopping up peso liquidity that could stoke inflation already above 160%.
“The instrument is very important for the exchange rate unification of Argentina, because it helps to normalize the debt stocks of importers and serves as a mechanism to absorb pesos from the economy,” said Pedro Siaba Serrate, a senior economist with PP Inversiones in Buenos Aires. “If the government wants to achieve exchange rate unification, this should work better.”
...
Argentina’s First ‘Reconstruction’ Bond Sale to Importers Flops
https://finance.yahoo.com/news/argentina-first-reconstructio…
...
The Argentine Central Bank’s first auction to pay down importers’ debts owed to suppliers abroad flopped Thursday as the monetary authority only sold a fraction of the total it had offered.
...
The central bank reported that it sold just $68 million after receiving 34 offers from Argentine importers when it previously announced a maximum of $750 million in notes available. Bloomberg reported the sum earlier Thursday. Importers bought the bonds first, but have the right to resell most of the notes in the secondary market to other investors.
In a statement, central bank officials anticipated that “the volume of participation will go up,” as the bank “continues clarifying the operative processes for subscription and required documentation.”
The auction results mark Milei’s first setback in markets after a relatively successful currency devaluation followed by a record sale of peso debt, build up of foreign reserves and dollar bond rally. Clearing away the $30 billion importers owe abroad is a key step before Milei’s administration can remove byzantine financial controls it inherited from the previous government. The bonds serve another purpose too of mopping up peso liquidity that could stoke inflation already above 160%.
“The instrument is very important for the exchange rate unification of Argentina, because it helps to normalize the debt stocks of importers and serves as a mechanism to absorb pesos from the economy,” said Pedro Siaba Serrate, a senior economist with PP Inversiones in Buenos Aires. “If the government wants to achieve exchange rate unification, this should work better.”
...
...
Ungeachtet der Proteste begann die neue Regierung des ultraliberalen Präsidenten Javier Milei mit dem Umbau der bislang streng regulierten Wirtschaft. »Wir leiten die wirtschaftliche Deregulierung ein, die Argentinien so dringend braucht«, sagte Milei am Mittwoch in einer Fernsehansprache und kündigte ein Dekret mit insgesamt 300 Maßnahmen an.
Unter anderem sollen zahlreiche Gesetze beispielsweise zur Regulierung des Arbeits- und Immobilienmarkts aufgehoben werden. Zudem werden alle Staatsbetriebe in Aktiengesellschaften überführt, um sie später zu privatisieren.
...
21.12.
Geplanter Umbau der Wirtschaft: Tausende Argentinier demonstrieren gegen neuen Präsidenten Milei
https://www.spiegel.de/ausland/argentinien-tausende-demonstr…
...
Ungeachtet der Proteste begann die neue Regierung des ultraliberalen Präsidenten Javier Milei mit dem Umbau der bislang streng regulierten Wirtschaft. »Wir leiten die wirtschaftliche Deregulierung ein, die Argentinien so dringend braucht«, sagte Milei am Mittwoch in einer Fernsehansprache und kündigte ein Dekret mit insgesamt 300 Maßnahmen an.
Unter anderem sollen zahlreiche Gesetze beispielsweise zur Regulierung des Arbeits- und Immobilienmarkts aufgehoben werden. Zudem werden alle Staatsbetriebe in Aktiengesellschaften überführt, um sie später zu privatisieren.
...
21.12.
Geplanter Umbau der Wirtschaft: Tausende Argentinier demonstrieren gegen neuen Präsidenten Milei
https://www.spiegel.de/ausland/argentinien-tausende-demonstr…
...
der aktuelle Wirtschaftsminister:
13.12.
‘There Is No Money’: Argentina Begins Economic Shock Remedy
https://finance.yahoo.com/news/no-more-money-argentina-begin…
...
Economy chief Luis Caputo spent the better part of his first televised address explaining how Argentina got into such a dire economic situation: An “addiction” to debt, for which the only medicine is a shock treatment.
“There is no more money,” Caputo said repeatedly in the recorded video published Tuesday night, echoing President Javier Milei’s words during his inaugural speech on Sunday.
The Wall Street veteran then outlined 10 initial measures designed to jolt the stagnant economy, starting with a massive 54% devaluation of the peso’s official exchange rate and austerity measures including halving the number of ministries, cutting transfers to provinces, suspending public works and reducing subsidies.
Total spending cuts will amount to 2.9% of gross domestic product, a senior government official said later. The goal is to eliminate the primary budget deficit, which doesn’t take into account interest payments, by the end of 2024.
The International Monetary Fund praised the government’s “bold initial actions” and many investors welcomed the measures as steps in the right direction. Yet many also remained skeptical, considering the moves either insufficient or hard to implement — or both.
...
13.12.
‘There Is No Money’: Argentina Begins Economic Shock Remedy
https://finance.yahoo.com/news/no-more-money-argentina-begin…
...
Economy chief Luis Caputo spent the better part of his first televised address explaining how Argentina got into such a dire economic situation: An “addiction” to debt, for which the only medicine is a shock treatment.
“There is no more money,” Caputo said repeatedly in the recorded video published Tuesday night, echoing President Javier Milei’s words during his inaugural speech on Sunday.
The Wall Street veteran then outlined 10 initial measures designed to jolt the stagnant economy, starting with a massive 54% devaluation of the peso’s official exchange rate and austerity measures including halving the number of ministries, cutting transfers to provinces, suspending public works and reducing subsidies.
Total spending cuts will amount to 2.9% of gross domestic product, a senior government official said later. The goal is to eliminate the primary budget deficit, which doesn’t take into account interest payments, by the end of 2024.
The International Monetary Fund praised the government’s “bold initial actions” and many investors welcomed the measures as steps in the right direction. Yet many also remained skeptical, considering the moves either insufficient or hard to implement — or both.
...
10.12.
In inaugural speech, Argentina's Javier Milei prepares nation for painful shock adjustment
https://www.msn.com/en-us/news/world/in-inaugural-speech-arg…
...
Rather, Argentina's newly empowered President Javier Milei presented figures to lay bare the scope of the nation's economic “emergency,” and sought to prepare the public for a shock adjustment with drastic public spending cuts.
...
“We don’t have margin for sterile discussions. Our country demands action, and immediate action," he said. "The political class left the country at the brink of its biggest crisis in history. We don’t desire the hard decisions that will need to be made in coming weeks, but lamentably they didn't leave us any option.”
...
In inaugural speech, Argentina's Javier Milei prepares nation for painful shock adjustment
https://www.msn.com/en-us/news/world/in-inaugural-speech-arg…
...
Rather, Argentina's newly empowered President Javier Milei presented figures to lay bare the scope of the nation's economic “emergency,” and sought to prepare the public for a shock adjustment with drastic public spending cuts.
...
“We don’t have margin for sterile discussions. Our country demands action, and immediate action," he said. "The political class left the country at the brink of its biggest crisis in history. We don’t desire the hard decisions that will need to be made in coming weeks, but lamentably they didn't leave us any option.”
...
Trading Spotlight
21.11.
Milei’s Dollarization Gets First Test as Argentine Banks Reopen
https://finance.yahoo.com/news/milei-dollarization-gets-firs…
...
Javier Milei couldn’t have hoped for a better reception from investors on his first day as Argentina’s president-elect.
On Wall Street, the country’s stocks soared the most in at least a decade and bonds climbed on optimism that he might be able to fix the beleaguered economy and tame inflation. The corporate world was also elated, with chief executives from MercadoLibre Inc. and Globant SA joining Elon Musk to note their approval.
Day two is going to be a lot tougher. Tuesday will see the reopening of local markets and banks after a holiday weekend, and concern is growing about the potential for a wave of Argentines withdrawing pesos to buy dollars. While banks took steps to ensure they’d have enough cash on hand in the run-up to the vote, executives are telling regulators in private conversations that they may need additional help to shore up the system.
“Tomorrow’s gonna be the day that we see the tone,” Hans Humes, the chief executive officer of Greylock Capital, said in an interview on Bloomberg Television on Monday.
...
Milei’s Dollarization Gets First Test as Argentine Banks Reopen
https://finance.yahoo.com/news/milei-dollarization-gets-firs…
...
Javier Milei couldn’t have hoped for a better reception from investors on his first day as Argentina’s president-elect.
On Wall Street, the country’s stocks soared the most in at least a decade and bonds climbed on optimism that he might be able to fix the beleaguered economy and tame inflation. The corporate world was also elated, with chief executives from MercadoLibre Inc. and Globant SA joining Elon Musk to note their approval.
Day two is going to be a lot tougher. Tuesday will see the reopening of local markets and banks after a holiday weekend, and concern is growing about the potential for a wave of Argentines withdrawing pesos to buy dollars. While banks took steps to ensure they’d have enough cash on hand in the run-up to the vote, executives are telling regulators in private conversations that they may need additional help to shore up the system.
“Tomorrow’s gonna be the day that we see the tone,” Hans Humes, the chief executive officer of Greylock Capital, said in an interview on Bloomberg Television on Monday.
...
Antwort auf Beitrag Nr.: 74.834.064 von faultcode am 20.11.23 13:22:15
20.11.
Argentina Investors Cheer Milei Victory, Brace for Peso Selloff
https://www.bnnbloomberg.ca/argentina-investors-cheer-milei-…
...
Argentina investors cheered libertarian economist Javier Milei’s bigger-than-expected win in Sunday’s presidential vote and his pledges to usher in a radical remake of South America’s second-largest economy.
Sovereign dollar bonds and US-listed stocks of Argentine companies gained on Monday, as traders weighed the maverick outsider’s chances of turning around policies that have the country headed to its sixth recession in a decade with 140% inflation.
...
“This is the opportunity for a new beginning,” said Jorge Piedrahita, founder of Gear Capital Management in New York.
The peso is set to weaken in parallel markets used to skirt currency controls, reflecting Milei’s plan to replace it with the dollar. On Sunday, it fell to about 1,000 per dollar on local cryptocurrency exchanges. That was an 8% decline from Friday’s price of about 920 per dollar. Local markets are closed Monday for a national holiday.
“The peso is likely to remain under significant pressure,” said Leandro Galli, an emerging-market debt portfolio manager at JP Morgan Asset Management. “The FX gap between market-based measures and the official exchange rate is likely to narrow, which could lead to an acceleration of inflation in the coming year.”
JP Morgan Asset Management’s Galli said this opens the door for a “potentially more draconian fiscal consolidation plan and reforms,” which may provide some support to the nation’s dollar bonds. However, upside is limited by concerns regarding the transition, governability and implementation risks.
...
=>
Argentina Investors Cheer Milei Victory, Brace for Peso Selloff
https://www.bnnbloomberg.ca/argentina-investors-cheer-milei-…
...
Argentina investors cheered libertarian economist Javier Milei’s bigger-than-expected win in Sunday’s presidential vote and his pledges to usher in a radical remake of South America’s second-largest economy.
Sovereign dollar bonds and US-listed stocks of Argentine companies gained on Monday, as traders weighed the maverick outsider’s chances of turning around policies that have the country headed to its sixth recession in a decade with 140% inflation.
...
“This is the opportunity for a new beginning,” said Jorge Piedrahita, founder of Gear Capital Management in New York.
The peso is set to weaken in parallel markets used to skirt currency controls, reflecting Milei’s plan to replace it with the dollar. On Sunday, it fell to about 1,000 per dollar on local cryptocurrency exchanges. That was an 8% decline from Friday’s price of about 920 per dollar. Local markets are closed Monday for a national holiday.
“The peso is likely to remain under significant pressure,” said Leandro Galli, an emerging-market debt portfolio manager at JP Morgan Asset Management. “The FX gap between market-based measures and the official exchange rate is likely to narrow, which could lead to an acceleration of inflation in the coming year.”
JP Morgan Asset Management’s Galli said this opens the door for a “potentially more draconian fiscal consolidation plan and reforms,” which may provide some support to the nation’s dollar bonds. However, upside is limited by concerns regarding the transition, governability and implementation risks.
...
=>
https://tradingeconomics.com/argentina/stock-market
=> Aktien schützen vor Inflation, aber nur im Schnitt und eigentlich nur Standardwerte
23.10.
Argentina Assets Brace for Selloff After Massa Forces Runoff
https://news.yahoo.com/argentina-markets-brace-selloff-massa…
...
Argentina investors again braced for a selloff after Economy Minister Sergio Massa did better than forecast in Sunday’s presidential vote, dashing hopes for an outright win by a more market-friendly candidate.
The country’s dollar bonds — already trading below 30 cents on the dollar — extended their losses on Monday, with five of them including the 2029 note figuring among the worst performers in emerging markets. The peso may weaken on parallel currency markets used to skirt controls on the expectation Argentines will rush into dollars as the government continues spending policies that are seen stoking inflation already running over 130%.
Massa surprised pundits Sunday night by taking 37% of the vote, forcing a second-round ballot next month with runner-up Javier Milei, the firebrand libertarian outsider who got 30% support with 97% of votes counted. The biggest question for investors is who backers of third-place candidate Patricia Bullrich migrate to in the Nov. 19 runoff.
...
Argentina Assets Brace for Selloff After Massa Forces Runoff
https://news.yahoo.com/argentina-markets-brace-selloff-massa…
...
Argentina investors again braced for a selloff after Economy Minister Sergio Massa did better than forecast in Sunday’s presidential vote, dashing hopes for an outright win by a more market-friendly candidate.
The country’s dollar bonds — already trading below 30 cents on the dollar — extended their losses on Monday, with five of them including the 2029 note figuring among the worst performers in emerging markets. The peso may weaken on parallel currency markets used to skirt controls on the expectation Argentines will rush into dollars as the government continues spending policies that are seen stoking inflation already running over 130%.
Massa surprised pundits Sunday night by taking 37% of the vote, forcing a second-round ballot next month with runner-up Javier Milei, the firebrand libertarian outsider who got 30% support with 97% of votes counted. The biggest question for investors is who backers of third-place candidate Patricia Bullrich migrate to in the Nov. 19 runoff.
...
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15.12.23 · wallstreetONLINE NewsUpdate · YPF (D) (D) |
15.12.23 · wallstreetONLINE Redaktion · YPF (D) (D) |