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Wall Street Rally Lifts Argentine Merval, Risk Index Drops to 441 Points

31/07/2026 03:45 - Economia

ADRs Merval bonos Wall Street riesgo país

A Lifeline from the United States

On July 30, 2026, Argentine financial markets received a welcome boost from Wall Street, as reported by multiple local media. The positive turn came after a day of sharp losses, driven by Microsoft's better-than-expected quarterly results, which eased concerns about massive investments in artificial intelligence.

The U.S. Federal Reserve (Fed) also played a role by keeping interest rates unchanged at 3.50% to 3.75% for the fifth consecutive meeting. However, the decision was not unanimous: 9 members voted to hold, while 3 dissidents called for a 25-basis-point hike. Stable U.S. rates typically encourage demand for emerging-market assets like Argentina's.

S&P Merval and ADRs

The S&P Merval, Argentina's leading stock index, rose 2.2% to close at 3,304,917.79 points. In dollar terms, it surged 4.1% to 2,122.99 units, helped by a drop in the “Contado con Liquidación” (CCL) exchange rate, a key mechanism for converting pesos into dollars.

Argentine ADRs (American Depositary Receipts traded on Wall Street) posted gains of up to 7.8%, led by:

Central Puerto (energy): +7.8%
Edenor (electricity): +6.6%
Grupo Supervielle (banking): +6.9%
Transportadora de Gas (gas): +5.5%

Bonds and Country Risk

The country risk index (measured by J.P. Morgan’s EMBI+), which reflects the extra yield investors demand to hold Argentine debt over U.S. Treasuries, fell for the first time in six sessions to 441 basis points, a 0.9% drop from the previous day.

Sovereign dollar bonds traded mixed: Global bonds edged up, while Bonar bonds slipped. Meanwhile, the Argentine Treasury placed 12.21 trillion Argentine pesos and raised 309 million U.S. dollars through the Bonar 2029 bond.

Local Factors and the 2027 Election Outlook

While the external environment helped, local realities also matter, according to Infobae. The latest government confidence index, produced by the Universidad Di Tella, showed a sharp decline in July 2026.

Analysts warn that if projections for the 2027 presidential elections point to a tight race or a runoff, volatility could return to dollar-denominated assets. However, the current exchange rate stability and improved credit ratings are keeping investor appetite for Argentine debt alive.