{"id":40569,"date":"2024-12-05T10:57:02","date_gmt":"2024-12-05T13:57:02","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-05-12-24\/"},"modified":"2024-12-05T11:00:54","modified_gmt":"2024-12-05T14:00:54","slug":"cmf-pre-market-05-12-24","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-05-12-24\/","title":{"rendered":"CMF PRE-MARKET 05-12-24"},"content":{"rendered":"\n<p><strong>Maximizar la alineaci\u00f3n de expectativas<\/strong><\/p>\n\n\n\n<p><em>Las declaraciones del equipo econ\u00f3mico parecen haber tenido el efecto deseado en el mercado. En parte, se explica por el delivery del Gobierno, que, en un comienzo, parec\u00eda muy dif\u00edcil de realizarse. La convergencia de las variables macro hacia los targets previstos por el Ministerio de Econom\u00eda y el BCRA ha sido notable, y ello le gan\u00f3 la confianza del mercado, que hoy muestra alta alineaci\u00f3n con la visi\u00f3n del Gobierno. Un ejemplo de esto es el pricing de la reducci\u00f3n del crawling peg en los futuros de d\u00f3lar; hoy la curva de futuros muestra alta correlaci\u00f3n con un proceso de desaceleraci\u00f3n del crawling, cuyo driver se puede encontrar en los dichos de Milei. El Gobierno sigue apostando al guidance para afectar las expectativas de los agentes, tratando de minimizar el uso de recursos de pol\u00edtica monetaria\/cambiaria. <strong>Por ahora, los resultados parecen satisfactorios, pero se debe tener un plan de contingencia, dado que las expectativas no siempre van a estar alineadas con el Gobierno.<\/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 $1.014.<\/li>\n\n\n\n<li><strong>Diputados:<\/strong> Mart\u00edn Menem fue reelecto como presidente de la C\u00e1mara Baja y el Gobierno convoc\u00f3 a sesiones extraordinarias para debatir proyectos como la reforma electoral, pero no para debatir el Presupuesto 2025.<\/li>\n\n\n\n<li><strong>FMI:<\/strong> medios de comunicaci\u00f3n informaron que Quirno, Daza y Werning viajaron a Washington para reunirse con funcionarios del FMI.<\/li>\n\n\n\n<li><strong>REM: <\/strong>hoy por la tarde se publicar\u00e1 el REM de noviembre y se conocer\u00e1n las expectativas de inflaci\u00f3n y devaluaci\u00f3n para los pr\u00f3ximos meses.<\/li>\n\n\n\n<li><strong>Saldo en el MULC: <\/strong>el Banco Central compr\u00f3 ayer 171 MM en el MULC, y as\u00ed acumula un saldo de compras netas por USD 133 MM en lo que va de diciembre.<\/li>\n\n\n\n<li><strong>Contexto internacional: <\/strong>finalmente, el primer ministro de Francia, Michel Barnier, fue destituido ayer por una moci\u00f3n de censura. El mandatario franc\u00e9s hab\u00eda intentado avanzar por sobre la Asamblea Nacional para pasar un presupuesto cuyo contenido dificultaba la convergencia del d\u00e9ficit fiscal (5,5%) hacia el target de la Zona Euro (3%). La\u00a0 curva del Tesoro franc\u00e9s responde al alza en casi todos los tramos y se ampl\u00eda el spread de los bonos de 10 a\u00f1os de Francia y Alemania a su m\u00e1ximo desde 2012. En EE.UU., el ISM de servicios sorprendi\u00f3 a la baja y aument\u00f3 la preocupaci\u00f3n sobre el nivel de actividad en servicios. En Cora del Sur, la depreciaci\u00f3n del won coreano alcanza su mayor nivel desde 2022.<\/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","protected":false},"excerpt":{"rendered":"<p>Maximizar la alineaci\u00f3n de expectativas Las declaraciones del equipo econ\u00f3mico parecen haber tenido el efecto deseado en el mercado. En parte, se explica por el delivery del Gobierno, que, en un comienzo, parec\u00eda muy dif\u00edcil de realizarse. La convergencia de las variables macro hacia los targets previstos por el Ministerio de Econom\u00eda y el BCRA ha sido notable, y ello le gan\u00f3 la confianza del mercado, que hoy muestra alta alineaci\u00f3n con la visi\u00f3n del Gobierno. Un ejemplo de esto es el pricing de la reducci\u00f3n del crawling peg en los futuros de d\u00f3lar; hoy la curva de futuros muestra [&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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En parte, se explica por el delivery del Gobierno, que, en un comienzo, parec\u00eda muy dif\u00edcil de realizarse. La convergencia de las variables macro hacia los targets previstos por el Ministerio de Econom\u00eda y el BCRA&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 1 year ago","modified":"Updated 1 year ago"},"absolute_dates":{"created":"Posted on December 5, 2024","modified":"Updated on December 5, 2024"},"absolute_dates_time":{"created":"Posted on December 5, 2024 10:57 am","modified":"Updated on December 5, 2024 11:00 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/40569","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=40569"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/40569\/revisions"}],"predecessor-version":[{"id":40570,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/40569\/revisions\/40570"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=40569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=40569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=40569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}