With little investor interest and maximum caution, the Merval index “disconnected” from the international markets on Monday by yielding 1.7% to 31,063.25 points, pressured mainly by companies in the energy sector. The political situation in Brazil and the conflict in Syria, together with the Lebac tender and the monetary policy report of the Central Bank, maintained a scenario of prudence among investors: the volume barely exceeded the $ 430 million. The main casualties of the day were the actions of Agrometal (-4.5 %); Cuyana Gas Distributor (-4.1%); and Petrobras Brazil (-3.5%). The most operated were Pampa Energía (-3.1%); BYMA (-3.3%); and YPF (-2.1%). From Rava they argued that “The lack of interest in variable income by institutional investors is clear, this has been noticed every time in the amounts traded in private papers.” It is that many investors They see “a certain macro deterioration (inflation is expected by the Government)”, which is added to possible sales of investment funds by the ANSES and some worrying surveys for the ruling party. The local market, in this way, could not accompany Wall Street, which progressed solidly at the start of a key week in the business results season, which for the time being It eclipses fears about geopolitical and commercial conflicts. The star index of the New York Stock Exchange, the Dow Jones, appreciated 0.9%; the S & P500, 0.8%; and the Nasdaq 0.7%. “It has been almost two months since the local stock market has positive data, last week the inflation index was bad (-2.3%) and there were some tensions against the energy companies, as some government officials (UCR-Carrió) want to do even more gradual increase in rates, which undoubtedly affected companies in this sector on Monday, ” commented to domain.com Rafael Di Giorno, director of Proficio Investment. He also remarked that “The local mood is more pessimistic than last year and investors are willing to take less risk.” • Fixed rent In the fixed income segment, on the other hand, the main dollar bonds (quoted in pesos) operated with a majority of increases. With the exception of Bonar 2024, which fell 0.2%; he Bonar 2020 and the Discount under Argentine law advanced 0.2%, while Argentina 2037 gained 0.6%. Finally, the risk country , measured by JP.Morgan bank, fell 0.8% to 401 basis points.