WEEKLY SYNTHESIS IN 5 POINTS

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1. Summary of Futures and Options Trading

The average daily volume (ADV) of the futures and options (F&O) traded in the week reached 465.611 contracts, 25% lower than the average of the previous week, while the ADV for the year shows an increase of 141% compared to the previous week. same period last year and an increase of 60% if the Trade of the Treasury Bills is not taken into account.

The following table shows the weekly ADV, a comparison with the previous week and the accumulated annual figures:

 

 

The Open Interest (IA) -contracts pending cancellation- average for the week stood at 10.496.899 contracts, 4% higher than last week. For its part, the average IA for the year is 166% higher than that of the same period of the previous year, including the Trade of LEDES and 57% higher without taking them into consideration.

 

 

2. Dollar Futures

During the week, the INDEC published the Consumer Price Index (CPI), which registered an increase of 7% in August compared to the previous month, accumulating a rise of 56,4% in the eight months of the year and an increase of 78,5% compared to the same month of 2021.

In the wholesale exchange market, the price of the US dollar (CAM1 wheel of the MAE) increased 2%, closing at $ 143,52 per dollar (vs. $ 141,15 at the end of the previous week), a rise that was accompanied by a 17% decrease in the level of spot Trades (ADV of US $ 211 million).

For its part, the gap between the price of the MEP dollar and the wholesale dollar increased 1.212 basis points to 104% on the last business day of the week. While the gap measured against the CCL dollar with GD30 ($300,21) ended the week 1.035 basis points above the previous week's close up to 109%, while the gap against the CCL dollar measured through the Index CCL MtR ($300,70) ended the week 812 basis points higher than the previous week's close to 109%.

In turn, the average volume traded in the dollar futures and options market decreased by 26% vs. the previous week reaching an ADV of 456.370 contracts. As for the prices of dollar futures, they increased by 2,7% on average compared to the closing of the previous week:

 

 

At the end of the week, the implicit rates of the dollar increased 441 basis points, averaging 92,6% for the positions shown below:

 

 

3. Equity Futures and Options

Stock Indices

In the week, the inflation of the United States for August was published, which decreased to 8,3%, from 8,5% in July, but was above the 8,1% expected by analysts. Secondly, UK GDP was reported to have expanded 0,2% in July, after a 0,6% drop in June. In addition, the British unemployment rate fell to 3,6% in the same month of the year (the lowest figure since 1974), and its inflation for August was 9,9%, below the 10,1% reached in July.

In terms of prices, the main benchmark indices measured in dollars closed mostly lower: the S&P500 -2,4%, the Euro Stoxx 50 +0,5%, the SSE Composite Index -2,9% and the Bovespa - 1,2%. At the local level, the RFX20 index increased 1% in pesos during the week, while measured in dollars (CCL) it closed the week +2,7%.

The following graph shows the performance of the main global stock indices in relation to the RFX20 index:

 

 

For their part, the implicit rates of the first and second position of the RFX20 Index ended the week at 37,7% and 39,9% respectively (vs. 39,3% the first and 42,2% the second at the close of the session). last week).

 

 

In notional terms, during the week the volume traded reached a daily average of $ 280 million (-11% weekly), equivalent to 14% of spot trading.

 

 

Individual Actions

On average, transactions in futures on the shares of Grupo Financial Galicia (GGAL) reached 1.402 contracts per day, 33% higher than the previous week, while the ADV for the year fell 19% compared to last year in the year-on-year comparison. The average open interest was 1.338 contracts, showing an increase of 7% from the previous week. In notional terms, Trades in the local market (spot + future) reached 33% of the ADR volume (vs. 32% the previous week). Meanwhile, futures Trades represented an average of 18% of spot negotiations (vs. 9% the previous week).

For their part, Pampa Energía futures reached an average volume of 58 contracts (+ 193% weekly) and an average open interest of 96 contracts (+ 174%). While the average volume of YPF futures decreased 19% to 691 contracts, with an average open interest of 1.117 contracts (+ 11%).

 

4. Gold and Oil Futures

During the week, Gold derivatives Trades showed an average daily volume of 197 contracts (-25% compared to the previous week), while WTI Oil Trades decreased 2% compared to the previous week, averaging 853 day contracts.

 

 

 

5. Agricultural Futures and Options

In the week, the volume of futures and options of all agricultural products reached 1.395.110 tons, 3% higher than the previous week. In addition, open interest at the end of the week stood at 6.864.840 tons (1% lower than the previous week). The following table shows the settlement price at the end of the week, the weekly volume and the open interest at the end of the week for all open Corn, Soybean and Wheat futures and options positions: