ARGENTINA DAYBOOK: Chavez, Fernandez Sign PDVSA-YPF Agreement
Presidents Cristina Fernandez de Kirchner and Hugo Chavez signed an energy agreement on the sidelines of the Mercosur trade bloc meeting in Brasilia. Venezuela’s Petroleos de Venezuela SA and Argentina’s YPF SA (YPFD) will cooperate, according to the accord.
WHAT TO WATCH:
* Ternium SA (TX), Latin America’s second-largest steelmaker, will hold an earnings conference call today at 9:30 a.m. local time after releasing late yesterday second-quarter 2012 profit that missed analysts’ expectations.
* Tenaris SA (TEN), the world’s largest maker of seamless steel pipes, is expected to release second-quarter earnings after the market closes today.
* The Ministry of Economy reports July’s government tax revenue.
* The Merval (MERVAL) Index fell 0.8 percent yesterday to 2,400.31. YPF SA fell the most, dropping 3.4 percent to 77.5 pesos. Telecom Argentina SA gained 0.6 percent to 16.1 pesos.
* The peso was little changed at 4.5850 per dollar. The peso in the unregulated market fell 0.2 percent to 6.6832 per dollar.
* Warrants linked to economic growth fell 0.3 percent to 10.10 cents.
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