FOREX TradingCharts.com

Financial News: ARGENTINA: Merval Sets New Record In The Last

ARGENTINA: Merval Sets New Record In The Last Trading Day Of 2017

12/28/2017 - 16:58:00 (RTTNews)

(RTTNews) - Merval, the benchmark stock market index in Argentina, ended Thursday's last trading session of 2017 above the 30,000-point barrier for the first time in history. The index rose 2.84% to 30,024.24 after the local government increased the inflation target for the next couple of years, but reinforced its commitment to lower fiscal deficits in the future.

Analysts said that the revised economic targets and the fact that President Mauricio Macri managed to pass all the promised reforms in Congress helped traders to maintain their optimism.

The government of Argentina increased the 2018 inflation goal after failing to keep prices inside the 12% to 17% target range this year.

The 2018 inflation target rose from 10% to 15%, while the 2019 goal increased from 5% to 10%. For 2020, the government intends to seek a 5% inflation. Argentina's Finance Minister, Nicolás Dujovne, said that the new targets reflect the country's economic reality.

Annual inflation in Argentina fell to 22.4% in November, from 22.7% in October, prompting the country's central bank to keep its main interest rate unchanged at 28.75%.

The Argentinean government also confirmed that it would strengthen its fiscal effort in 2018 with a primary deficit target of 3.2% of the country's GDP for the next year. In 2017, the primary deficit target was at 4.2%.

Traders also welcome data published earlier Thursday showing that the construction sector activity rose 21.6% in November from a year before and that the industrial sector activity was 3.5% higher in the same comparison.

The Merval had a weekly gain of 3.77%, a monthly rise of 11.59%, a quarterly increase of 15.13% and was 77% up in 2017.

The locally traded US dollar was 4.14% higher, ending the day at 19.20 pesos - a record high. The high seasonal demand for the currency, coupled with adjustments to the inflation target, helped to weaken the peso.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Hong Kong Jobless Rate Falls Unexpectedly (17 min(s), 22 sec(s) ago)
(RTTNews) - Hong Kong's unemployment decreased unexpectedly in the three months ended December ...Full Story»

China's Q4 GDP Growth Steady At 6.8% (02 hr(s), 25 min(s), 22 sec(s) ago)
(RTTNews) - China's economy expanded at a steady pace at the end of 2017, data from the Nation ...Full Story»

Dutch Export Growth At 5-Month High (03 hr(s), 27 min(s), 22 sec(s) ago)
(RTTNews) - Dutch export growth accelerated in November to the highest level in five months, figur ...Full Story»

Dutch Jobless Rate Remains Stable In December (03 hr(s), 56 min(s), 22 sec(s) ago)
(RTTNews) - Dutch unemployment rate remained stable in December, after falling in the previous two ...Full Story»

New Zealand House Prices Rise, Sales Fall In December (04 hr(s), 11 min(s), 22 sec(s) ago)
(RTTNews) - New Zealand's house prices increased in December from a year ago, while the volume ...Full Story»

China's Home Prices Increase In Most Cities (04 hr(s), 13 min(s), 22 sec(s) ago)
(RTTNews) - House prices in majority of the Chinese cities increased in December, the National Bur ...Full Story»

Japan Nov Industrial Production Rises Less Than Estimated (50 min(s), 38 sec(s) ago)
(RTTNews) - Japan's industrial production increased less than initially estimated in November, ...Full Story»

Australia's Inflation Expectations Unchanged In January (07 min(s), 38 sec(s) ago)
(RTTNews) - Australia's inflationary expectations remained unchanged in January, survey data f ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Hong Kong Jobless Rate Falls Unexpectedly

01/18/2018 - 04:45 AM (RTTNews)
(RTTNews) - Hong Kong's unemployment decreased unexpectedly in the three months ended December ...Full Story>>

China's Q4 GDP Growth Steady At 6.8%

01/18/2018 - 02:37 AM (RTTNews)
(RTTNews) - China's economy expanded at a steady pace at the end of 2017, data from the Nation ...Full Story>>

Dutch Export Growth At 5-Month High

01/18/2018 - 01:35 AM (RTTNews)
(RTTNews) - Dutch export growth accelerated in November to the highest level in five months, figur ...Full Story>>

Dutch Jobless Rate Remains Stable In December

01/18/2018 - 01:06 AM (RTTNews)
(RTTNews) - Dutch unemployment rate remained stable in December, after falling in the previous two ...Full Story>>

New Zealand House Prices Rise, Sales Fall In December

01/18/2018 - 00:51 AM (RTTNews)
(RTTNews) - New Zealand's house prices increased in December from a year ago, while the volume ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.