According to reports, Argentine bonds fell by up to 2% on average on Wall Street. However, Economy Minister Luis Caputo downplayed this impact on the markets and reaffirmed the government's economic program, mainly focused on achieving fiscal balance.
The Argentine financial market showed mixed behavior on Tuesday, marked by the scandal surrounding the cryptocurrency $LIBRA promoted by President Javier Milei. Despite the sharp initial declines on Wall Street, local stocks managed to recover during the day, despite the rise in the country risk index that reached almost 700 basis points.
Amid the controversy sparked by Milei's promotion of the cryptocurrency on his social media, some local stocks on the New York Stock Exchange (ADRs) recorded declines of up to 6% in dollars by the morning, although they managed to moderate by the end of the trading day. Ternium and Corporación América were two of the companies whose ADRs showed growth of 3.6% and 3.5%, respectively, while those of Cresud fell by 3.45%.
On the other hand, the Merval index, Argentina's main stock market indicator, experienced a notable recovery, ending with a 6.10% increase, in contrast to the 5.7% drop reported the previous day. As for the country risk, calculated by J.P. Morgan, it closed the day at 696 basis points, which represented an increase of 21 points compared to the previous day.
In a message on social media, Minister Caputo stated: "This government will never change course. When the solid economic 'fundamentals' do not change, the eventual noises from the situation are often seen by the more experienced as an opportunity."
