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Argentine Markets Slide as Floating Exchange Rate Fuels Volatility

Sovereign bonds, equities, and country risk worsen after the peso's shift to a floating exchange rate, with limited central bank intervention.

Los números de hoy 28 de abril.
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Los bonos en dólares locales caen en Wall Street.
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Overview

  • The S&P Merval index dropped 1.4% to 2,194,936 points, reflecting losses in key Argentine equities.
  • Major stocks, including Cresud (-5%), IRSA (-4.4%), and Pampa Energía (-4.4%), led the declines in local trading.
  • Dollar-denominated bonds fell, with Global 2038 down 0.8%, Global 2046 down 0.6%, and Global 2035 down 0.3%.
  • The JP Morgan country risk index rose 18 basis points to 710, signaling increased investor concerns over economic stability.
  • Analysts attribute the market turmoil to the new floating exchange rate framework and the central bank's decision to refrain from intervention.