{"id":42861,"date":"2025-05-22T11:06:27","date_gmt":"2025-05-22T14:06:27","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-22-05-25\/"},"modified":"2025-05-22T11:07:01","modified_gmt":"2025-05-22T14:07:01","slug":"cmf-pre-market-22-05-25","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-22-05-25\/","title":{"rendered":"CMF PRE-MARKET 22-05-25"},"content":{"rendered":"\n<p><strong><em>Pausa en la recuperaci\u00f3n de la actividad<\/em><\/strong><\/p>\n\n\n\n<p><em>El Estimador Mensual de Actividad Econ\u00f3mica (EMAE) registr\u00f3 una ca\u00edda de 1,8% mensual en marzo en el \u00edndice sin estacionalidad, lo que represent\u00f3 la primer ca\u00edda de la actividad desde abril 2024. La contracci\u00f3n fue tal \u2013 la m\u00e1s fuerte desde diciembre 2023\u2013 que empuj\u00f3 al acumulado del primer trimestre a terreno negativo (-0,5%). No obstante, el nivel de actividad se ubic\u00f3 7,1% por encima del piso de abril del a\u00f1o pasado. Los datos primarios anticipan que abril deber\u00eda rebotar con respecto a la ca\u00edda de marzo, a pesar de la d\u00e9bil performance de ventas minoristas. Esto sugiere que la volatilidad e incertidumbre producto de la potencial salida del cepo afect\u00f3 a la actividad y, con el hecho consumado, se habr\u00eda recuperado. <strong>De todos modos, contin\u00faa siendo heterog\u00e9nea la recuperaci\u00f3n de la econom\u00eda, con sectores ganadores (agro y miner\u00eda) y otros perdedores (industria y construcci\u00f3n).<\/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 $1.149.<\/li>\n\n\n\n<li><strong>EMAE: <\/strong>el INDEC inform\u00f3 que la actividad econ\u00f3mica de marzo cay\u00f3 1,8% mensual en la serie desestacionalizada, quedando en un nivel inferior al de diciembre 2024. En t\u00e9rminos interanuales, sin embargo, el EMAE creci\u00f3 5,6%, y el arrastre estad\u00edstico cay\u00f3 a 3,6%.<\/li>\n\n\n\n<li><strong>Uso de d\u00f3lares:<\/strong> luego de la postergaci\u00f3n de la semana pasada, Adorni inform\u00f3 que probablemente hoy se anunciar\u00e1n las medidas para fomentar el uso de d\u00f3lares.<\/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>las tasas del Tesoro de EE.UU. subieron con fuerza luego de una d\u00e9bil subasta de bonos del Tesoro a 20 a\u00f1os.\u00a0 La licitaci\u00f3n cerr\u00f3 con un cup\u00f3n de 5%, el mayor desde 2020. El mercado reaccion\u00f3 reduciendo riesgo lo que deriv\u00f3 en una suba del VIX, y ca\u00eddas en los principales \u00edndices. Por su parte, la C\u00e1mara de Representantes vot\u00f3 a favor \u2013gan\u00f3 por un solo voto\u2013 del paquete fiscal impulsado por el gobierno. El paquete, denominado \u201cOne Big Beautiful Bill\u201d, busca profundizar lo hecho durante el mandato anterior, enfocado en la reducci\u00f3n de impuestos y gastos federales.<\/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>Pausa en la recuperaci\u00f3n de la actividad El Estimador Mensual de Actividad Econ\u00f3mica (EMAE) registr\u00f3 una ca\u00edda de 1,8% mensual en marzo en el \u00edndice sin estacionalidad, lo que represent\u00f3 la primer ca\u00edda de la actividad desde abril 2024. La contracci\u00f3n fue tal \u2013 la m\u00e1s fuerte desde diciembre 2023\u2013 que empuj\u00f3 al acumulado del primer trimestre a terreno negativo (-0,5%). No obstante, el nivel de actividad se ubic\u00f3 7,1% por encima del piso de abril del a\u00f1o pasado. Los datos primarios anticipan que abril deber\u00eda rebotar con respecto a la ca\u00edda de marzo, a pesar de la d\u00e9bil performance [&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 contracci\u00f3n fue tal \u2013 la m\u00e1s fuerte desde diciembre 2023\u2013 que empuj\u00f3 al acumulado del&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 22, 2025","modified":"Updated on May 22, 2025"},"absolute_dates_time":{"created":"Posted on May 22, 2025 11:06 am","modified":"Updated on May 22, 2025 11:07 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42861","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=42861"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42861\/revisions"}],"predecessor-version":[{"id":42862,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42861\/revisions\/42862"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=42861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=42861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=42861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}