{"id":37675,"date":"2024-05-20T10:59:37","date_gmt":"2024-05-20T13:59:37","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-20-05-24\/"},"modified":"2024-05-20T11:00:08","modified_gmt":"2024-05-20T14:00:08","slug":"cmf-pre-market-20-05-24","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-20-05-24\/","title":{"rendered":"CMF PRE-MARKET 20-05-24"},"content":{"rendered":"\n<p><strong>Rotaci\u00f3n de carteras<\/strong><\/p>\n\n\n\n<p><em>Los cambios de incentivos en la parte corta de la curva generaron cambios en las carteras de fondos, que tendr\u00e1 efectos sobre las carteras de los inversores. El spread entre los activos de mercado y aquellos que no tienen cotizaci\u00f3n secundaria se encuentra en torno a 1 punto porcentual mensual. Los inversores ahora tienen la posibilidad de estirar duration y capturar dicho spread, pero con riesgos subyacentes que deben ponderarse. \u00bfEs la diferencia de rendimientos lo suficientemente atractiva para rotar la cartera? Los inversores minoristas y los gerentes financieros de empresas deber\u00e1n tener en cuenta los riesgos que supone invertir en activos con cotizaci\u00f3n secundaria, y la necesaria postergaci\u00f3n de 1 d\u00eda para el rescate de los fondos. <strong>Los FCIs t+1 representan poco m\u00e1s del 10% del total administrado por Money Markets, y vemos probable que haya una mejora en este ratios. Sin embargo, puede que la historia del riesgo Tesoro ponga una cota al alza menor a la vista en 2018.<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mercado de cambios:<\/strong> el BCRA contin\u00faa su <em>crawling peg<\/em> del 2% mensual y el FX mayorista abre la jornada en $888,5.<\/li>\n\n\n\n<li><strong>Precios mayoristas: <\/strong>de acuerdo con datos del INDEC, los precios mayoristas aumentaron 3,4% en abril, lo cual representa la menor suba desde diciembre de 2021. Los precios nacionales aumentaron 3,8% promedio y los importados tuvieron una variaci\u00f3n nula.<\/li>\n\n\n\n<li><strong>FCI: <\/strong>luego de la baja de tasa del Central la semana pasada, el viernes los fondos t+1 alcanzaron el mayor nivel de suscripciones por d\u00eda en lo que va del a\u00f1o ($137.000 MM).<\/li>\n\n\n\n<li><strong>Tarifas:<\/strong> mediante la Resoluci\u00f3n 224 del ENERGAS, el Gobierno oficializ\u00f3 que en mayo no habr\u00e1n aumentos de tarifas de gas.<\/li>\n\n\n\n<li><strong>Saldo en el MULC: <\/strong>el viernes el BCRA compr\u00f3 USD 139 MM netos en el MULC, acumulando as\u00ed USD 16.578 MM desde la devaluaci\u00f3n de diciembre.<\/li>\n\n\n\n<li><strong>Contexto internacional: <\/strong>el mercado espera la presentaci\u00f3n de resultados de NVIDIA a conocerse este mi\u00e9rcoles, cuando tambi\u00e9n se publicar\u00e1n las minutas de la \u00faltima reuni\u00f3n del FOMC. El d\u00f3lar se debilita en mayo mientras los metales ganan momentum.<\/li>\n<\/ul>\n\n\n\n<p><strong>Este informe ha sido elaborado a t\u00edtulo informativo. El presente NO debe ser tomado como una recomendaci\u00f3n o instrucci\u00f3n, y no reviste car\u00e1cter de ofertas de productos y\/o servicios ni solicitud de orden\u00a0de compra y\/o venta. Banco CMF S.A. no ser\u00e1 responsable por ning\u00fan error y\/u omisi\u00f3n del contenido.<\/strong><\/p>\n\n\n\n<p><strong><em>Copyright \u00a9 2017 Banco CMF S.A. All rights reserved.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rotaci\u00f3n de carteras Los cambios de incentivos en la parte corta de la curva generaron cambios en las carteras de fondos, que tendr\u00e1 efectos sobre las carteras de los inversores. El spread entre los activos de mercado y aquellos que no tienen cotizaci\u00f3n secundaria se encuentra en torno a 1 punto porcentual mensual. Los inversores ahora tienen la posibilidad de estirar duration y capturar dicho spread, pero con riesgos subyacentes que deben ponderarse. \u00bfEs la diferencia de rendimientos lo suficientemente atractiva para rotar la cartera? Los inversores minoristas y los gerentes financieros de empresas deber\u00e1n tener en cuenta los riesgos [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_joinchat":[],"footnotes":""},"categories":[56,1],"tags":[],"class_list":["post-37675","post","type-post","status-publish","format-standard","hentry","category-pre-market-daily-close-en","category-sin-categorizar"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CMF PRE-MARKET 20-05-24<\/title>\n<meta name=\"description\" content=\"CMF PRE-MARKET 20-05-24\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-20-05-24\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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El spread entre los activos de mercado y aquellos que no tienen cotizaci\u00f3n secundaria se encuentra en torno a 1 punto porcentual mensual. Los inversores&hellip;","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.bancocmf.com.ar\/en\/category\/pre-market-daily-close-en\/\" class=\"advgb-post-tax-term\">Pre Market &amp; Daily Close<\/a>","<a href=\"https:\/\/www.bancocmf.com.ar\/en\/category\/sin-categorizar\/\" class=\"advgb-post-tax-term\">Uncategorized<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Pre Market &amp; Daily Close<\/span>","<span class=\"advgb-post-tax-term\">Uncategorized<\/span>"]}},"comment_count":0,"relative_dates":{"created":"Posted 2 years ago","modified":"Updated 2 years ago"},"absolute_dates":{"created":"Posted on May 20, 2024","modified":"Updated on May 20, 2024"},"absolute_dates_time":{"created":"Posted on May 20, 2024 10:59 am","modified":"Updated on May 20, 2024 11:00 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/37675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/comments?post=37675"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/37675\/revisions"}],"predecessor-version":[{"id":37676,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/37675\/revisions\/37676"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=37675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=37675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=37675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}