Buenos Aires, March 26 — The Argentine S&P Merval in dollars advances nearly 1%, but ADRs fall in New York, and the country risk premium again hovers around 600 basis points. In this way, the stock market's brief respite amid a possible de-escalation of the war in the Middle East is short-lived for global markets and Argentine assets. Sovereign bonds retreat by up to 0.4% in the local market, led by the Global 2041 and Global 2035 bonds, as reported by Noticias Argentinas agency. The Globals (bonds under New York law) fall broadly, while the Bonares (under Argentine jurisdiction) trade with all declines, led by the Bonar 2029 (-0.3%). Thus, the country risk is situated around 593 basis points. The market continues to closely follow events in the Middle East, based on rumors around points of contention in negotiations between the involved parties, which remain unresolved. Analysts warn that if the conflict continues and these commodity prices persist, pressure on the cost of living will begin to be felt worldwide. The S&P Merval retreats 0.1% in pesos to 2,802,996.45 points, but its dollar counterpart advances nearly 1% to 1,937.85 points. Meanwhile, stocks trade mixed: Edenor leads the declines, falling 2.7%, while YPF leads the gains, rising 2.1%.
