{"id":40704,"date":"2024-12-16T10:44:40","date_gmt":"2024-12-16T13:44:40","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-16-12-24\/"},"modified":"2024-12-16T10:45:10","modified_gmt":"2024-12-16T13:45:10","slug":"cmf-pre-market-16-12-24","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-16-12-24\/","title":{"rendered":"CMF PRE-MARKET 16-12-24"},"content":{"rendered":"\n<p><strong>Fuerte compresi\u00f3n en tasa fija<\/strong><\/p>\n\n\n\n<p><em>Luego de algunas semanas relativamente tranquilas para las LECAPs\/BONCAPs, la semana pasada, la curva volvi\u00f3 a comprimir fuerte. La baja de tasas del BCRA, en conjunto con un dato de inflaci\u00f3n menor al esperado, ayud\u00f3 a que la tasa fija vuelva a operar muy demandada. Como referencia, los t\u00edtulos m\u00e1s largos tuvieron rendimientos WoW superiores al 3%, para finalizar en zona de 2,4% TEM. As\u00ed, las breakeven volvieron a quedar muy apretadas a partir de septiembre de 2025, sin mucho margen de error. Sin embargo, si los precios contin\u00faan desacelerando, la parte m\u00e1s beneficiada seguir\u00e1 siendo aquella que hoy parece m\u00e1s cara. <strong>Para perfiles m\u00e1s conservadores, seguimos recomendando la parte corta y media de la curva, que opera con tasas reales positivas ex ante.<\/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 $1.020,5.<\/li>\n\n\n\n<li><strong>Intervenci\u00f3n del Central: <\/strong>Werning confirm\u00f3 en una presentaci\u00f3n que en noviembre el Central no intervino en el d\u00f3lar financiero comprando bonos contra d\u00f3lares para influir en su valor.<\/li>\n\n\n\n<li><strong>Saldo en el MULC: <\/strong>el Banco Central compr\u00f3 el viernes USD 34 MM en el MULC, y as\u00ed acumula un saldo de compras netas por USD 1.141 MM en lo que va de diciembre.<\/li>\n\n\n\n<li><strong>Contexto internacional: <\/strong>el PMI compuesto de diciembre sorprendi\u00f3 al alza en Europa al registrar un 49,5, por encima de las estimaciones del mercado (48,2). La sorpresa vino por el lado del \u00edndice de servicios que anot\u00f3 un nivel de 51,4 contra un 49,5 esperado. El mercado responde a la baja, con el STOXX600 y el STOX50 cayendo en el comienzo de la semana. A nivel datos, el mi\u00e9rcoles, se dar\u00e1 a conocer la decisi\u00f3n de tasas de la Fed. El mercado descuenta pr\u00e1cticamente por completo que el FOMC volver\u00e1 a recortar tipos en 25 pbs.<\/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>Fuerte compresi\u00f3n en tasa fija Luego de algunas semanas relativamente tranquilas para las LECAPs\/BONCAPs, la semana pasada, la curva volvi\u00f3 a comprimir fuerte. La baja de tasas del BCRA, en conjunto con un dato de inflaci\u00f3n menor al esperado, ayud\u00f3 a que la tasa fija vuelva a operar muy demandada. Como referencia, los t\u00edtulos m\u00e1s largos tuvieron rendimientos WoW superiores al 3%, para finalizar en zona de 2,4% TEM. As\u00ed, las breakeven volvieron a quedar muy apretadas a partir de septiembre de 2025, sin mucho margen de error. Sin embargo, si los precios contin\u00faan desacelerando, la parte m\u00e1s beneficiada seguir\u00e1 [&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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La baja de tasas del BCRA, en conjunto con un dato de inflaci\u00f3n menor al esperado, ayud\u00f3 a que la tasa fija vuelva a operar muy demandada. Como referencia, los t\u00edtulos m\u00e1s&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 16, 2024","modified":"Updated on December 16, 2024"},"absolute_dates_time":{"created":"Posted on December 16, 2024 10:44 am","modified":"Updated on December 16, 2024 10:45 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/40704","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=40704"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/40704\/revisions"}],"predecessor-version":[{"id":40705,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/40704\/revisions\/40705"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=40704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=40704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=40704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}