¿Qué esta pasando en el mercado financiero? Análisis

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The Argentinean Central Bank (BCRA) said international reserves increased by US$ 1.862 billion in August, closing the month at US$ 48.877 billion. During August, the increase in international reserves was primarily due to the National Treasury's foreign currency income for bonds placements for US$ 6.156 billion.

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After showing a lack of direction for much of the day, treasuries came under pressure following the Federal Reserve's monetary policy announcement on Wednesday. Bond prices showed a notable move to the downside but climbed off their worst levels going into the close. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.4 basis points to 2.277 percent. With the increase on the day, the ten-year yield extended the upward trend seen in recent sessions, reaching its highest closing level in over a month. The weakness among treasuries came after the Fed left interest rates unchanged as widely expected but signaled another rate h**e is l**ely this year. The Fed's projections pointed to a quarter basis point rate increase later this year, with the rate h**e widely expected to come at the December meeting. "We had suspected that the recent softness of core inflation could persuade officials to hold off on the next rate h**e until next year," said Andrew Hunter, U.S. economist at Capital Economics. He added, "Given these latest projections and the broadly unchanged language on inflation in today's policy statement, we now expect the Fed to push on and raise rates again in December." The Fed also revealed that it will begin shrinking its $4.5 trillion balance sheet in October, initially allowing $10 billion in bonds to roll off each month. In her subsequent press conference, Fed Chair Janet Yellen said the process of winding down the balance sheet will be gradual and predictable. With the focus on the Fed, traders shrugged off a report from the National Association of Realtors showing an unexpected decrease in existing home sales in the month of August. NAR said existing home sales slumped by 1.7 percent to an annual rate of 5.35 million in August after tumbling by 1.3 percent to a rate of 5.44 million in July. The continued decrease surprised economists, who had expected existing home sales to edge up to an annual rate of 5.46 million. With the unexpected decrease, existing home sales fell to their lowest annual rate since hitting 5.34 million last August. Trading on Thursday may continue to be impacted by reaction to the Fed announcement, although traders are also l**ely to keep an eye on reports on weekly jobless claims and Philadelphia-area manufacturing activity.

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The European Union (EU) made official the reduction in the tariffs on Argentinean biodiesel, following the decision to reopen the bloc to the product earlier this month. As a result, the Argentinean biodiesel exports to the EU would be taxed at 15% on average. According to the Argentinean Ministry of Agroindustry, the South American country recovers an export destination that in 2011 sold 1,488,710 tons in volume for more than US$ 1.8 billion. In 2013, the EU imposed an anti-dumping measure, with definitive tariffs of almost 25% on the Argentinean product. The case was brought by Argentina to the WTO. Last year, WTO ruled against the UE decision and forced it to drastically reduce countervailing duties for Argentinean biodiesel. On September 8, the body approved in Brussels a drop in import duties to reach a 4.5% to 10% range. The news comes a few weeks after the United States applied a sharp increase in tariffs to import Argentinean biodiesel, which virtually paralyzed local producers' shipments.

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The 7.1 magnitude earthquake that shook Mexico on Tuesday has killed 217 people so far, said country's Civil Protection Agency. On Twitter, the National Coordinator of Civil Protection, Luis Felipe Puente, reported that there were 86 deaths in Mexico City, 71 in Morelos, 43 in Puebla, 12 in Mexico state, 4 in Guerrero and 1 in Oaxaca. Puente also warned that it is possible that there are still more landslides and building collapses. Local authorities initially reported two almost simultaneous earthquakes, but later Mexico's National Seismological Service reported that there was only one 7.1 magnitude quake. The epicenter was located 12 kilometers southeast of Axochiapan, in Morelos state, and a depth of 57 kilometers. The most stressing situation at the moment is the ongoing rescue in a collapsed school in Mexico City, where so far authorities report 26 children who died and 30 disappeared. The governor of the capital, Miguel Angel Mancera, decreed the state of emergency in the city. Mexican President Enrique Pe?a Nieto activated a plan to coordinate federal rescue and humanitarian efforts in emergency cases. "The priority at this moment is to continue the rescue of those still trapped and to provide medical care to the wounded," said the president. The tremor hit Mexico's capital only a few days after an 8.1 magnitude quake has left 96 people dead in the country's Southern region. The quake also occurred exactly 32 years after a powerful tremor in Mexico City has killed around 10,000 people.

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Crude oil prices continued to rise Wednesday despite a significant build in U.S. oil inventories. With OPEC signaling its determination to curb supplies, oil prices have risen sharply over the past week. Nov. WTI added 79 cents, or 1.6%, to settle at $50.69/bbl. Oct. WTI was up 93 cents, or 1.9%, to finish at $50.41/bbl on contract's expiration day. Crude inventories rose for a third straight week, by 4.6 million barrels in the week ending Sept. 15, the Energy Information Administration said today. "OPEC is expected to maintain its strategy of capturing market share during price downturns," the EIA says.

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The dollar has sp**ed sharply to the upside against all of its major rivals after the Federal Reserve revealed its policy decision. The Federal Reserve on Wednesday maintained its benchmark interest rate at a range of 1% to 1.25%. As expected, the Fed said it will begin shrinking its bloated $4.5 trillion portfolio in October by allowing $10 billion in bonds to mature without replacing them. The portfolio includes Treasury and mortgage-backed securities that were acquired during and after the 2007-09 financial crisis in a successful program to prop up the economy. The amount of reductions will gradually rise over the course of the following year to maximums of $30 billion per month for treasuries and $20 billion per month for agency securities, and will remain in place through the process of normalizing the size of the Fed's balance sheet. Hurricanes are unl**ely to materially impact economy in medium term, according to the Fed's statement. "Information received since the Federal Open Market Committee met in July indicates that the labor market has continued to strengthen and that economic activity has been rising moderately so far this year. Job gains have remained solid in recent months, and the unemployment rate has stayed low," the Fed said. With strained supply levels continuing to subdue overall activity, the National Association of Realtors released a report on Wednesday showing an unexpected decrease in existing home sales in the U.S. in the month of August. NAR said existing home sales slumped by 1.7 percent to an annual rate of 5.35 million in August after tumbling by 1.3 percent to a rate of 5.44 million in July. The continued decrease surprised economists, who had expected existing home sales to edge up to an annual rate of 5.46 million. The dollar slipped to over a 1-week low of $1.2032 against the Euro Wednesday, but has since sp**ed to around $1.19. Germany's producer prices increased at the fastest pace in three months in August, Destatis reported Wednesday. Producer prices increased 2.6 percent year-on-year in August, faster than the 2.3 percent rise seen in July. The buck dropped to a 3-month low of $1.3653 against the pound sterling Wednesday, but has since jumped to around $1.3485. UK retail sales grew the most in four months in August as consumers spend more despite higher inflation, vindicating a possible stimulus withdrawal in the months ahead. According to data published by the Office for National Statistics, the retail sales volume including auto fuel advanced 1 percent in August from July, the biggest growth in four months, exceeding the expected rate of 0.2 percent and July's increase of 0.6 percent. The greenback slid to a low of Y110.997 against the Japanese Yen Wednesday, but has since broken out to around Y112.325. Japan posted a merchandise trade surplus of 113.642 billion yen in August, the Ministry of Finance said on Wednesday. That beat forecasts for a surplus of 104.4 billion yen, although it was down from 418.8 billion yen in July.

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The Federal Reserve on Wednesday maintained its benchmark interest rate at a range of 1% to 1.25%. As expected, the Fed said it will begin shrinking its bloated $4.5 trillion portfolio in October by allowing $10 billion in bonds to mature without replacing them. The portfolio includes Treasury and mortgage-backed securities that were acquired during and after the 2007-09 financial crisis in a successful program to prop up the economy. Hurricanes are unl**ely to materially impact economy in medium term, according to the Fed's statement. "Information received since the Federal Open Market Committee met in July indicates that the labor market has continued to strengthen and that economic activity has been rising moderately so far this year. Job gains have remained solid in recent months, and the unemployment rate has stayed low," the Fed said. The decision culminated a two-day meeting of the Federal Open Market Committee against the backdrop of stubbornly low inflation and rising geopolitical tensions. The Fed made no change to its so-called 'dot plot' of rate projections for this year and next, strongly hinting at a December rate h**e. However, the Fed lowered its rate forecast for 2019 to 2.7% from 2.9%. Some analysts thought the Fed might would raise interest rates today because of Chairman Yellen's press conference. With Yellen's commentary able to soothe markets, the Fed raised its benchmark federal-funds rate at its last three press-conference meetings.

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The Federal Reserve on Wednesday maintained its benchmark interest rate at a range of 1% to 1.25%. As expected, the Fed said it will begin shrinking its bloated $4.5 trillion portfolio in October by allowing $10 billion in bonds to mature without replacing them. The portfolio includes Treasury and mortgage-backed securities that were acquired during and after the 2007-09 financial crisis in a successful program to prop up the economy. Hurricanes are unl**ely to materially impact economy in medium term, according to the Fed's statement. The decision culminated a two-day meeting of the Federal Open Market Committee against the backdrop of stubbornly low inflation and rising geopolitical tensions. The Fed made no change to its so-called 'dot plot' of rate projections for this year and next, strongly hinting at a December rate h**e. However, the Fed lowered its rate forecast for 2019 to 2.8% from 3%. Some analysts thought the Fed might would raise interest rates today because of Chairman Yellen's press conference. With Yellen's commentary able to soothe markets, the Fed raised its benchmark federal-funds rate at its last three press-conference meetings.

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Gold Up $6 At $1316/oz Ahead Of Fed Statement

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With strained supply levels continuing to subdue overall activity, the National Association of Realtors released a report on Wednesday showing an unexpected decrease in existing home sales in the U.S. in the month of August. NAR said existing home sales slumped by 1.7 percent to an annual rate of 5.35 million in August after tumbling by 1.3 percent to a rate of 5.44 million in July. The continued decrease surprised economists, who had expected existing home sales to edge up to an annual rate of 5.46 million. With the unexpected decrease, existing home sales fell to their lowest annual rate since hitting 5.34 million last August. "Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales," said NAR chief economist Lawrence Yun. "What's ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it's putting on prices in several parts of the country," he added. "Sales have been unable to break out because there are simply not enough homes for sale." NAR said total housing inventory declined by 2.1 percent to 1.88 million existing homes available for sale at the end of August. Housing inventory is down by 6.5 percent compared to the same month a year ago. The report also said the median existing home price in August was $253,500, down 1.8 percent from $258,100 in July but up 5.6 percent from $240,000 in August of last year. The unexpected decrease in existing home sales came as sales in the South and West plunged by 5.7 percent and 4.8 percent, respectively. On the other hand, NAR said existing home sales in the Northeast jumped by 10.8 percent. Existing home sales in the West also rose by 2.4 percent. The report also said single-family home sales dropped by 2.1 percent to a rate of 4.74 million, while existing condominium and co-op sales climbed by 1.7 percent to a rate of 610,000. Next Tuesday, the Commerce Department is scheduled to release a separate report on new home sales in the month of August.