On Wednesday, April 8, Argentina's country risk plummeted by nearly 10%, dropping more than 50 basis points to 551 points, amid a market rally fueled by the de-escalation between the United States and Iran. The indicator, calculated by J.P. Morgan, retreated to 551 basis points, down 59 points from the 610 points recorded the previous day. This represents a 9.67% decrease, driven by the improved global climate following the ceasefire in the Middle East conflict. This is the lowest level since the start of the armed conflict, as one has to go back to February 26 to find a similar figure (554 units), just two days before the U.S. and Israel's attack on Iran.
Amid the improved global scenario, Argentine ADRs (American Depositary Receipts) also recorded gains of up to 7.9%, led by Banco Supervielle. In contrast, shares of energy firms such as Transportadora de Gas del Sur (-6%), YPF (-5.2%), and Pampa Energía (-3.8%) operated with losses in the local market, influenced by the reopening of the Strait of Hormuz.
Locally, the S&P Merval index followed the positive trend, advancing 1.4% to 3,015,201.57 points. The rise was led by Banco Macro (+7.2%), followed by Banco Supervielle (6.5%), BBVA (+6.3%), and Grupo Financiero Galicia (+4.3%). Meanwhile, sovereign bonds in dollars also operated in sync with the better international climate, showing increases of up to 3.5%, led by the Global 2041, followed by the Global 2035 (+3.4%) and the Global 2046 (+3.3%).
