{"id":42441,"date":"2025-04-22T11:25:58","date_gmt":"2025-04-22T14:25:58","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-22-04-25\/"},"modified":"2025-04-22T11:26:56","modified_gmt":"2025-04-22T14:26:56","slug":"cmf-pre-market-22-04-25","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-22-04-25\/","title":{"rendered":"CMF PRE-MARKET 22-04-25"},"content":{"rendered":"\n<p><strong><em>Fuerte volatilidad en Treasuries y DXY<\/em><\/strong><\/p>\n\n\n\n<p><em>El mercado internacional est\u00e1 viviendo sus d\u00edas m\u00e1s\u00a0<strong>an\u00f3malos<\/strong>\u00a0en mucho tiempo. El mercado de Treasuries est\u00e1 en pleno sell-off, al igual que las acciones, mientras la parte corta de la curva comprime rendimientos. No es usual ver a la tasa real subiendo tan fuerte cuando las expectativas de crecimiento se revisan constantemente a la baja. Al mismo tiempo, el d\u00f3lar (DXY) se desploma a su menor nivel desde marzo de 2022. Por lo pronto, Trump pareciera haber tomado nota sobre la din\u00e1mica de Treasuries y\u00a0ha adoptado\u00a0una postura un poco m\u00e1s pac\u00edfica con China. Sin embargo, el pa\u00eds asi\u00e1tico se mantiene muy firme en su represalia, extendiendo la amenaza a pa\u00edses que se al\u00eden con EE.UU. para afectar el comercio chino. <strong>En este contexto, el fly to quality por excelencia\u00a0sigue siendo\u00a0el oro, que contin\u00faa\u00a0anotando\u00a0m\u00e1ximos hist\u00f3ricos y opera por encima de USD 3.430 la onza. El aumento del spread Treasuries-IG por encima de 100 pbs resulta atractivo para hacer carry con activos de alta calidad.<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mercado de cambios:<\/strong> el d\u00f3lar oficial abre la jornada por debajo de los $1.090.<\/li>\n\n\n\n<li><strong>Licitaci\u00f3n del MECON: <\/strong>la pr\u00f3xima subasta del MECON ser\u00e1 el jueves y hoy se conocer\u00e1n sus condiciones. Se enfrentar\u00e1n vencimientos por $7,5 billones entre la LECAP S28A5 y del bono CER TC25.<\/li>\n\n\n\n<li><strong>EMAE:<\/strong> el INDEC publicar\u00e1 hoy el EMAE de febrero. A modo de referencia, los sectores Construcci\u00f3n e Industria crecieron 2% y 0,5% ese mes.<\/li>\n\n\n\n<li><strong>Saldo en el MULC: <\/strong>el Banco Central anunci\u00f3 nuevamente que no intervino en el mercado de divisas.<\/li>\n\n\n\n<li><strong>Contexto internacional: <\/strong>el FMI revis\u00f3 a la baja el crecimiento econ\u00f3mico mundial a 2,8%, 50 pbs. menos que lo estimado previo a la implementaci\u00f3n de las tarifas. Las probabilidades de entrar en recesi\u00f3n a nivel mundial aumentaron a 30%, mientras que se incrementaron a 40%para EE.UU., seg\u00fan los modelos del organismo. El organismo redujo 100 bps. la estimaci\u00f3n de crecimiento para EE.UU. a 1,8% para 2025. El FMI afirm\u00f3 claramente que la pol\u00edtica tarifaria de Trump es un gran shock negativo para la actividad global.<\/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 volatilidad en Treasuries y DXY El mercado internacional est\u00e1 viviendo sus d\u00edas m\u00e1s\u00a0an\u00f3malos\u00a0en mucho tiempo. El mercado de Treasuries est\u00e1 en pleno sell-off, al igual que las acciones, mientras la parte corta de la curva comprime rendimientos. No es usual ver a la tasa real subiendo tan fuerte cuando las expectativas de crecimiento se revisan constantemente a la baja. Al mismo tiempo, el d\u00f3lar (DXY) se desploma a su menor nivel desde marzo de 2022. Por lo pronto, Trump pareciera haber tomado nota sobre la din\u00e1mica de Treasuries y\u00a0ha adoptado\u00a0una postura un poco m\u00e1s pac\u00edfica con China. Sin embargo, [&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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El mercado de Treasuries est\u00e1 en pleno sell-off, al igual que las acciones, mientras la parte corta de la curva comprime rendimientos. No es usual ver a la tasa real subiendo tan fuerte cuando las expectativas de crecimiento se&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 12 months ago","modified":"Updated 12 months ago"},"absolute_dates":{"created":"Posted on April 22, 2025","modified":"Updated on April 22, 2025"},"absolute_dates_time":{"created":"Posted on April 22, 2025 11:25 am","modified":"Updated on April 22, 2025 11:26 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42441","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=42441"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42441\/revisions"}],"predecessor-version":[{"id":42442,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42441\/revisions\/42442"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=42441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=42441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=42441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}