Overview

• Argentine ADRs tumbled — Supervielle fell 10%, Edenor 8.7% and Banco Macro 8.5% — as the S&P Merval posted its worst week since April and sovereign spreads moved past about 850 basis points.
• Bradesco advised clients to wait, highlighting turbulence tied to leaked audios implicating Karina Milei and warning that the controversy has damaged investor confidence.
• Vice economy minister José Luis Daza acknowledged a very high level of uncertainty and outlined a path to regain market access through fiscal discipline, disinflation, gradual reserve build‑up and faster reforms after the election.
• Daza argued that reputational damage and failures during the Mauricio Macri administration are weighing on today’s elevated risk premium.
• The central bank raised reserve requirements and allowed banks to use bonds in a debt auction to drain pesos and support the FX regime, moves that analysts say strain bank operations as parallel exchange rates and futures pricing signal devaluation pressure.