Overview

• Buenos Aires stocks fell 2.9% in the prior session, led by bank weakness after soft earnings, leaving the Merval at an 11-month low in dollar terms.
• Argentine ADRs in New York opened higher by up to about 4%, with Telecom, YPF and BBVA leading gains and Pampa Energía and IRSA lagging.
• Investors favored CER-indexed bonds, which rose around 2% on strong institutional demand as attractive spreads drew buyers.
• The official MULC rate slipped to roughly ARS 1,350 at the close after trading near 1,360 during the day, while MEP and CCL ended near ARS 1,358 and ARS 1,357.
• Sovereign risk reached roughly 850 basis points, the highest since early April, as hard-currency bonds traded mixed and Nvidia’s post-earnings drop added to volatility.