On this day, the leading stocks on the Buenos Aires Stock Exchange and Argentine debt bonds experienced a rebound, trading higher despite the complications in the global economic landscape due to inflation data in the United States that showed rising prices. Bank ADRs rose by up to 6% on Wall Street and the bonds rebounded after five declines.
Argentina is looking for an agreement with the IMF to bolster the Central Bank's (BCRA) reserves and thus lift the currency controls, according to Economy Minister Luis Caputo. He stated that this agreement would be ready by the first quarter of 2025, ensuring that it would involve new cash inflow instead of new debt, as "the Treasury will buy back debt from the BCRA."
In this scenario, sovereign bonds mostly traded higher and rebounded by up to 1.5%, led by the Bonar 2029, followed by the Global 2041 (+1.1%), Global 2030 and 2038 (+1%), and Global 2029 (+0.8%). Meanwhile, the country risk measured by J.P. Morgan declined by 37 units (-5.2%) to 673 points, marking its largest drop since January 6.
The S&P Merval rose by 0.5% to 2,285,846.47 points, after a year in which the leading index fell by nearly 11% in pesos and dollars. The stocks with the largest gains of the day came from Metrogas (+4.7%), Edenor (+3.9%), Cablevisión (+3.8%), and Transportadora de Gas del Norte (+3.3%). Meanwhile, the ADRs mostly traded higher, led by Irsa with nearly 7.4%, followed by Edenor (+4.1%), Transportadora Gas del Sur (+1.7%), Central Puerto (+1.4%), and Banco Supervielle (+1.3%).
This rebound in local stocks and Argentine bonds represents a relief amid an uncertain global economic scenario, driven by a possible negotiation with the IMF and renewed interest from investors in Argentine assets.
