{"id":38868,"date":"2024-08-08T11:16:34","date_gmt":"2024-08-08T14:16:34","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-08-08-24\/"},"modified":"2024-08-08T11:24:28","modified_gmt":"2024-08-08T14:24:28","slug":"cmf-pre-market-08-08-24","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-08-08-24\/","title":{"rendered":"CMF PRE-MARKET 08-08-24"},"content":{"rendered":"\n<p><strong>Trade-off: actividad vs inflaci\u00f3n<\/strong><\/p>\n\n\n\n<p><em>Si hay algo que ha quedado claro en los primeros meses de la administraci\u00f3n Milei, es que el equipo econ\u00f3mico fij\u00f3 como objetivo principal la baja de la inflaci\u00f3n. Para lograrlo, la actividad deb\u00eda resentirse, y as\u00ed lo hizo. Sin embargo, ahora, el objetivo ya no parece tan claro. Si bien es motivo de celebraci\u00f3n que aumente el cr\u00e9dito al sector privado, no deja de tener un potencial impacto negativo sobre la inflaci\u00f3n producto del repunte de la actividad. Lo mismo desde el punto de vista del salario real. El Gobierno pareciera tratar de equilibrar la balanza en este trade-off, dado que la poblaci\u00f3n pareciera comenzar a preponderar mayormente el empleo por sobre la inflaci\u00f3n, como preocupaci\u00f3n principal. <strong>Desde el punto de vista social, no cabe duda que debe encontrarse un equilibrio; t\u00e9cnicamente, un repunte de la actividad supone un riesgo mayor al programa desinflacionario.<\/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 $938.<\/li>\n\n\n\n<li><strong>Vencimientos en d\u00f3lares: <\/strong>seg\u00fan Bloomberg, aunque todav\u00eda no est\u00e1n definidas las condiciones, el pa\u00eds estar\u00eda negociando un repo con el Banco Santander por USD 1.000 MM para hacer frente a los vencimientos de enero 2025. Las garant\u00edas ser\u00edan t\u00edtulos soberanos y\/o del BCRA a una tasa de aproximadamente 10,8%.<\/li>\n\n\n\n<li><strong>Jubilaciones:<\/strong> ayer se logr\u00f3 el dictamen de comisi\u00f3n en el Senado para continuar con el tratamiento del proyecto de Ley que aumenta un 8% las jubilaciones y obliga al Poder Ejecutivo a saldar sentencias firmes de jubilados y deudas con cajas previsionales.<\/li>\n\n\n\n<li><strong>Inflaci\u00f3n: <\/strong>hoy al mediod\u00eda se publicar\u00e1 el IPC de CABA de julio. A modo de referencia, el \u00edndice midi\u00f3 por encima del dato de IPC del INDEC en todos los meses del primer semestre del a\u00f1o.<\/li>\n\n\n\n<li><strong>Saldo en el MULC: <\/strong>el Banco Central compr\u00f3 ayer USD 47 MM en el MULC, acumulando un saldo de USD 17.146 MM desde la devaluaci\u00f3n de diciembre.<\/li>\n\n\n\n<li><strong>Contexto internacional:<\/strong> el S&amp;P500 retom\u00f3 las p\u00e9rdidas el d\u00eda de ayer y acumul\u00f3 una ca\u00edda de casi 6% en la \u00faltima semana. Sin embargo, el menor n\u00famero de pedidos de seguros de desempleo al esperado est\u00e1 empujando el <em>equity<\/em> al alza y abre 118bps arriba del cierre de ayer.<\/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&nbsp;de 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\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trade-off: actividad vs inflaci\u00f3n Si hay algo que ha quedado claro en los primeros meses de la administraci\u00f3n Milei, es que el equipo econ\u00f3mico fij\u00f3 como objetivo principal la baja de la inflaci\u00f3n. Para lograrlo, la actividad deb\u00eda resentirse, y as\u00ed lo hizo. Sin embargo, ahora, el objetivo ya no parece tan claro. Si bien es motivo de celebraci\u00f3n que aumente el cr\u00e9dito al sector privado, no deja de tener un potencial impacto negativo sobre la inflaci\u00f3n producto del repunte de la actividad. Lo mismo desde el punto de vista del salario real. El Gobierno pareciera tratar de equilibrar la [&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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Para lograrlo, la actividad deb\u00eda resentirse, y as\u00ed lo hizo. Sin embargo, ahora, el objetivo ya no parece tan claro. Si bien&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>"],"unlinked":["<span class=\"advgb-post-tax-term\">Pre Market &amp; Daily Close<\/span>"]}},"comment_count":0,"relative_dates":{"created":"Posted 2 years ago","modified":"Updated 2 years ago"},"absolute_dates":{"created":"Posted on August 8, 2024","modified":"Updated on August 8, 2024"},"absolute_dates_time":{"created":"Posted on August 8, 2024 11:16 am","modified":"Updated on August 8, 2024 11:24 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/38868","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=38868"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/38868\/revisions"}],"predecessor-version":[{"id":38871,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/38868\/revisions\/38871"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=38868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=38868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=38868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}