Bush and a corrected INDEC push markets up

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North American president George Bush's announcement of a bailout for mortgage debtors had a strong impact on all markets yesterday. Wall Street earned 1.3 per cent.

However, a few minutes before close, Argentine Statistics and Census Institute (INDEC) unveiled that November retail inflation had climbed to 0.9 per cent. The figure expected was 0.7 per cent. Argentine bonds rocketed immediately.

This does not mean that INDEC intervention is coming to an end. Rather, instead of taking annual inflation to 8 per cent, cosmetics will leave it at around 9.5 per cent.

Market quotes adapted to this new expectation. Nothing else. To prove so, we should only take a look at INDEC holding that food basket had retreated 1.3 per cent in November. Unprecedented.

In this way, Internal Trade Secretary, Guillermo Moreno, has left his trace, keeping the modus operandi.

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