{"id":42827,"date":"2025-05-20T11:11:26","date_gmt":"2025-05-20T14:11:26","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-20-05-25\/"},"modified":"2025-05-20T11:23:16","modified_gmt":"2025-05-20T14:23:16","slug":"cmf-pre-market-20-05-25","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-20-05-25\/","title":{"rendered":"CMF PRE-MARKET 20-05-25"},"content":{"rendered":"\n<p><strong><em>Productos importados al alza<\/em><\/strong><\/p>\n\n\n\n<p><em>Ayer por la tarde, el INDEC dio a conocer el informe del Sistema de \u00cdndices de Precios Mayoristas (SIPM) que mostr\u00f3 una suba de 2,8% en abril en el IPIM. El \u00edndice est\u00e1 compuesto por una canasta de productos transables nacionales e importados. La parte importada registr\u00f3 una inflaci\u00f3n de 6%, mostrando claramente que hubo volatilidad de precios en la semana de la salida del cepo. El SIPM es una \u201cfoto\u201d al 15 de cada mes, a diferencia del IPC que es un promedio mensual. De esta manera, los precios de estas canastas plasman mucho m\u00e1s la volatilidad del tipo de cambio, mientras que el IPC lo suaviza. \u00a0Por su parte, la inflaci\u00f3n del productor (IPP) cerr\u00f3 en 2,5%, principalmente por la suba de 3,4% de los productos manufacturados. <strong>Los datos de inflaci\u00f3n minoristas de alta frecuencia apuntan a una inflaci\u00f3n c\u00f3modamente por debajo del 2,5% para mayo. Seg\u00fan varias consultoras, en las primeras dos semanas del mes se registr\u00f3 deflaci\u00f3n en alimentos y bebidas. En este escenario, la curva de LECAPs debiera seguir comprimiendo rendimientos.<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mercado de cambios:<\/strong> el d\u00f3lar oficial (A3500) abre la rueda en zona de $1.140.<\/li>\n\n\n\n<li><strong>Inflaci\u00f3n mayorista: <\/strong>el INDEC public\u00f3 la inflaci\u00f3n mayorista de abril, que result\u00f3 en 2,8% mensual, igual a la minorista y 1,4 puntos por encima de la mayorista de marzo. Se trata del registro m\u00e1s alto desde julio 2024. Los productos nacionales aumentaron un 2,6%, mientras que los importados registraron un alza de 6%.<\/li>\n\n\n\n<li><strong>Balanza comercial: <\/strong>hoy a las 16hs, el INDEC publicar\u00e1 los datos de la balanza comercial de abril. A modo de referencia, el pa\u00eds logr\u00f3 el super\u00e1vit comercial por 16 meses consecutivos, aunque el acumulado en el primer trimestre del 2025 es notoriamente inferior al del mismo periodo del a\u00f1o pasado.<\/li>\n\n\n\n<li><strong>Saldo en el MULC: <\/strong>el Banco Central anunci\u00f3 ayer nuevamente que no intervino en el mercado de divisas.<\/li>\n\n\n\n<li><strong>Contexto internacional: <\/strong>miembros de la Fed anticipan que probablemente no haya recortes de tasas antes de septiembre debido a la \u201cincertidumbre pol\u00edtica\u201d. El presidente de la Fed de Nueva York, John Williams advirti\u00f3 que la Reserva Federal necesitar recabar mayor informaci\u00f3n para tomar una decisi\u00f3n acertada. El mercado espera dos recortes de 25 pbs. para lo que resta de 2025, pero solo asigna una probabilidad menor al 10% a un recorte en la pr\u00f3xima reuni\u00f3n de junio. Por su parte, el Banco Popular de China (PBoC) redujo las tasas de inter\u00e9s de pol\u00edtica monetaria, en l\u00ednea con lo esperado por el mercado.<\/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>Productos importados al alza Ayer por la tarde, el INDEC dio a conocer el informe del Sistema de \u00cdndices de Precios Mayoristas (SIPM) que mostr\u00f3 una suba de 2,8% en abril en el IPIM. El \u00edndice est\u00e1 compuesto por una canasta de productos transables nacionales e importados. La parte importada registr\u00f3 una inflaci\u00f3n de 6%, mostrando claramente que hubo volatilidad de precios en la semana de la salida del cepo. El SIPM es una \u201cfoto\u201d al 15 de cada mes, a diferencia del IPC que es un promedio mensual. De esta manera, los precios de estas canastas plasman mucho m\u00e1s [&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 \u00edndice est\u00e1 compuesto por una canasta de productos transables nacionales e importados. La parte importada registr\u00f3 una inflaci\u00f3n de 6%,&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 11 months ago","modified":"Updated 11 months ago"},"absolute_dates":{"created":"Posted on May 20, 2025","modified":"Updated on May 20, 2025"},"absolute_dates_time":{"created":"Posted on May 20, 2025 11:11 am","modified":"Updated on May 20, 2025 11:23 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42827","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=42827"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42827\/revisions"}],"predecessor-version":[{"id":42828,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42827\/revisions\/42828"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=42827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=42827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=42827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}