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Global X MSCI Argentina ETF

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The Fund invests at least 80 percent of its total assets in the securities of the MSCI All Argentina 25/50 Index (Underlying Index) and in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) based on the securities in the Underlying Index. The Fund also invests at least 80 percent of its total assets in securities of companies that are economically tied to Argentina. The Fund's 80 percent investment policies are non-fundamental and require 60 days prior written notice to shareholders before they can be changed. The Fund may lend securities representing up to one-third of the value of the Funds total assets (including the value of the collateral received).

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Las reformas de Milei impulsan el mercado argentino con un crecimiento del S&amp;P Merval del 175%, pero aumentan el desempleo y la pobreza.

Impacto de las reformas de Milei: Mercado argentino en auge y desafíos sociales

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Despegar.com será adquirida por Prosus en una transacción en efectivo que valora a la empresa en $1.700M. El acuerdo se cerrará en 2025.

Despegar.com (DESP) será adquirida por Prosus por $19,50 por acción

Artemis Gold Inc

Javier Milei took office as the President of Argentina in December 2023 and took his trademark chainsaw to the country's economic policies. Interest in several Argentina-based stocks has been rising as his <a href="https://www.benzinga.com/startups/24/12/42513867/elon-musk-praises-argentinas-31-spending-cuts-under-milei-but-what-about-the-recession">drastic reforms take hold. </a>
What To Know: Milei, a self-described anarcho-capitalist, has implemented significant economic reforms since he took office almost exactly one year ago. He cut spending on government programs, including healthcare, welfare, and education, substantially and dismissed more than 30,000 government employees. 
Argentina's monthly rate of inflation has come down from 25% in December 2023 to 2.4% in December 2024 and the country achieved a fiscal surplus for the first time in 15 years.&nbsp;
Read Next: <a href="https://www.benzinga.com/markets/asia/24/12/42692036/billionaire-investors-michael-burry-david-tepper-could-benefit-from-chinas-stimulus-measures">Billionaire Investors Michael Burry, David Tepper Could Benefit From China&#8217;s Stimulus Measures</a>&nbsp;
While Milei&#8217;s policies have reduced inflation and boosted market performance, they have also led to increased poverty and unemployment rates, with significant challenges for the working class. However, a Gallup poll conducted at the one-year mark of Milei&#8217;s presidency shows his personal approval rating at 48%. 
Businesses in Argentina appear to be thriving under Milei's administration, with the country's stock market, as measured by the S&amp;P Mervel Index, up more than 175% in 2024.
The Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>), which invests in companies with exposure to Argentina and tracks the MSCI All Argentina 25/50 Index, has gained more than 65% year-to-date.&nbsp;
MercadoLibre, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>), a Latin American e-commerce company based in Argentina, is up 10% this year and shares of YPF SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YPF#NYSE">YPF</a>), an Argentina-based oil and gas company, have soared more than 150% in 2024.&nbsp;
Analysts at BBVA Research <a href="https://www.bbvaresearch.com/en/publicaciones/argentina-economic-outlook-december-2024/">said that after</a> a brief recession in 2024, fourth-quarter data showed improvements which are complemented by renewed confidence in Argentina's government.&nbsp;
BBVA Research sees a recovery for the economy in 2025 driven by private consumption and investment,&nbsp; "creating a positive outlook for 2025."
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Image: Shutterstock&nbsp;

Milei's Economic Chainsaw Slashes Inflation As Argentine Stocks Explode 175%

Despegar.com, Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DESP#NYSE">DESP</a>) shares are surging premarket on Monday after the company disclosed a <a target="_blank" href="https://www.benzinga.com/pressreleases/24/12/b42643653/despegar-com-enters-into-merger-agreement-to-be-acquired-by-prosus-for-19-50-per-share-in-cash" rel="noreferrer noopener">deal to be acquired</a> by Prosus for $19.50 per share in an all-cash transaction.
The transaction price reflects a 34% premium over Despegar&#8217;s 90-day volume-weighted average share price as of December 20, 2024.
Despegar&#8217;s Board of Directors has approved the merger agreement and recommended shareholder approval following the unanimous endorsement of a Transaction Committee composed of independent directors.
The deal values Despegar at approximately $1.7 billion in enterprise value.
Despegar will gain access to Prosus&#8217; extensive resources, operational expertise, and advanced AI capabilities.
As per the deal, a wholly owned subsidiary of Prosus will merge with Despegar, with Despegar remaining as the surviving entity.
Each outstanding share of Despegar will be converted into the right to receive $19.50 in cash, while the company&#8217;s Series A Preferred Shares will be canceled and converted into payments as specified by their terms.
The transaction is anticipated to close in the second quarter of 2025, pending shareholder approval, regulatory clearances, and other <a target="_blank" href="https://www.benzinga.com/pressreleases/24/12/b42643979/prosus-to-acquire-latin-americas-leading-online-travel-agency-despegar-for-us-1-7bn" rel="noreferrer noopener">customary closing conditions</a>.
Following the transaction&#8217;s completion, Despegar will transition to a privately held company. Its ordinary shares will be delisted from the New York Stock Exchange and will no longer trade on any public market.
Damian Scokin, Despegar&#8217;s CEO said, &#8221;Our customers will benefit from access to more services, enhanced customer experiences, increased loyalty benefits, and more comprehensive solutions tailored to their needs. Together we are setting the stage for a new era of travel marked by greater connectivity, innovation and value.&#8221;
Fabricio Bloisi, CEO of Prosus Group, added, &#8220;Despegar adds significantly to our strong ecosystem in Latin America, a market with amazing growth potential. Today&#8217;s announcement is about opportunity and growth &#8211; alone Despegar is a successful business with great fundamentals and a motivated management team; together, both Despegar and Prosus will make it even stronger.&#8221;
Investors can gain exposure to the DESP via Amplify ETF Trust Amplify Travel Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AWAY#NYSE">AWAY</a>) and Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>).
Price Action: DESP shares are up 32.80% at $19.45 premarket at the last check Monday.
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Photo by Capri23auto from Pixabay

Despegar To Be Acquired By Prosus For $1.7 Billion in All Cash Deal

- Reuters Citing YPF Source&nbsp;

VIST

YPF Will Look For $1.5B In Foreign Financing And $500M In Local Financing In Q2 2025 For Vaca Muerta Sur Project; Wants To Add Shell, Chevron, Vista, Pampa Energy And Pan American Energy As Partners For Its Vaca Muerta Sur Project; Expects Total Investment Of $3B For Vaca Muerta Sur Oil Pipeline

WIIM

BBAR

CEPU

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Telecom Argentina Stet - France Telecom S.A.

Shares of US-listed Argentine stocks are trading higher on continued strength after the nation received a credit upgrade from Fitch over the weekend.

Shares of US-listed Argentine stocks are trading higher after Donald Trump's presidential victory.

BIOX

Shares of US-listed Argentine stocks are trading higher after Banco de la Nacion, the country's largest bank, stated it wants to issue debt and return to international capital markets for the first time in 30 years.

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STLA

Stellantis Head For South America Says Firm To Launch Two Hybrid-Flex Vehicles In Brazil This Year; Announces Investment Of $385M In Its Argentinian Complex In Cordoba

YPF Sociedad Anonima (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YPF#NYSE">YPF</a>) shares are trading higher after the company announced cash <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">tender offers for securities up to $500 million.</a>
YPF has launched a cash tender offer to buy up to $500 million in aggregate principal amount of its 8.500% Class XXXIX notes due July 28, 2025, with an outstanding principal of $1.131 billion, and its 6.950% Class LIII notes due July 21, 2027, which have an outstanding principal of $809.303 million, per a <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/904851/000119312524210118/d876062d6k.htm" rel="noreferrer noopener">filing</a>.
This offer is subject to the Acceptance Priority Level detailed in the Offer to Purchase dated August 29, 2024. The tender offer is subject to various conditions outlined in the Offer to Purchase, the company said.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40532734/teslas-chinese-rival-byd-to-reveal-production-model-of-ocean-m-focusing-young-drivers" rel="noreferrer noopener">Tesla's Chinese Rival BYD To Reveal Production Model Of Ocean-M Focusing Young Drivers</a>
The Tender Offers are set to expire at 5:00 p.m. New York City time (6:00 p.m. Buenos Aires time) on Friday, September 27, 2024, unless extended or terminated earlier.
Also, Jefferies analyst Alejandro Demichelis upgraded YPF from Hold to Buy and raised the price target from&nbsp;$23.5&nbsp;to&nbsp;$30.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, YPF stock has gained over 62% in the past year. Investors can gain exposure to the stock via&nbsp;Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>) and AdvisorShares Dorsey Wright ADR ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AADR#NASDAQ">AADR</a>).
Price Action: YPF shares are trading higher by 5.4% to $23.67 at last check Friday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Benzinga Market Summary: PPI Readings Come In Below Expectations, Broadcom Shares Rise On Earnings, Argentina Stocks Gain On Approval Of Reforms Package

Editor&#8217;s note: This story has been updated with additional details.
Multiple stocks on the New York Stock Exchange experienced sudden trading halts after 9:40 a.m. ET Monday <a href="https://www.benzinga.com/topic/nyse">due to technical issues.</a>
The unexpected pauses in trading were triggered by a technical issue categorized under the &#8220;Limit Up/Limit Down&#8221; code, which is typically used to curb excessive volatility in a single stock.
The NYSE said it is investigating the reported technical issue. &#8220;Additional information will follow as soon as possible,&#8221; NYSE-owner Intercontinental Exchange Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>) stated. 
Among the largest companies halted on Monday were Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) at 9:50:52 a.m. ET and Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) at 9:44:58 a.m. ET. 
Chipotle shares experienced a sudden and dramatic decline of 66%, plummeting from $3,097 to $1,047. The stock resumed trading at 10:21 a.m.
At 9:49 a.m., ET shares of Berkshire Hathaway faced an even more severe downturn, nearly being wiped out with a staggering 99.7% collapse from $622,375 to $185.10. As of this update, trading has not yet resumed for the company owned by Warren Buffett.
Monday&#8217;s technical malfunctions on the NYSE occur just one week after U.S. stock exchanges transitioned to a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39039375/t-1-settlement-era-on-trading-begins-what-you-need-to-know">one-day settlement period.</a>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4-1024x500.png" alt="" class="wp-image-368052" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03101722/image-4.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5-1024x500.png" alt="" class="wp-image-368067" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/03102012/image-5.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Other Stocks Impacted </h3>
Other stocks affected by the sudden technical glitch on the New York Stock Exchange in Monday trading include:
<ul>
<li>Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>)</li>
<li>Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)</li>
<li>Franco-Nevada Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNV#NYSE">FNV</a>)</li>
<li>Essex Property Trust, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESS#NYSE">ESS</a>)</li>
<li>NuScale Power Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>)</li>
<li>Destiny Tech100 Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXYZ#NYSE">DXYZ</a>)</li>
<li>Ault Disruptive Technologies Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADRT#NYSE">ADRT</a>)</li>
<li>Nouveau Monde Graphite Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NMG#NYSE">NMG</a>)</li>
<li>Bowhead Specialty Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOW#NYSE">BOW</a>)</li>
<li>Banco Santander-Chile (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSAC#NYSE">BSAC</a>)</li>
<li>Logistic Properties of the Americas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPA#NYSE">LPA</a>)</li>
<li>Xperi Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPER#NYSE">XPER</a>)</li>
<li>ICL Group Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICL#NYSE">ICL</a>)</li>
<li>Telefonica, S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEF#NYSE">TEF</a>)</li>
<li>Trinity Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRN#NYSE">TRN</a>)</li>
</ul>
The technical fallout also impacted trading on the following NYSE-Arca listed exchange traded funds:
<ul>
<li>Direxion Daily Aerospace &amp; Defense Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFEN#NYSE">DFEN</a>)</li>
<li>MAX S&amp;P 500 4x Leveraged ETN (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPRO#NYSE">UPRO</a>)</li>
<li>JPMorgan Core Plus Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JCPB#NYSE">JCPB</a>)</li>
<li>Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>)</li>
<li>Nationwide Nasdaq-100 Risk-Managed Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUSI#NYSE">NUSI</a>)</li>
<li>SPDR S&amp;P Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XSD#NYSE">XSD</a>)</li>
</ul>
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Berkshire Hathaway, Chipotle, More NYSE Stocks Hit With Trading Halts Triggered By Technical Issues (UPDATED)

&#8220;I recommend investing in Argentina&#8221; — a few words from Elon Musk on social media platform X bolstered Argentine assets to new heights, underscoring investor confidence under new <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38659381/elon-musk-meets-bitcoin-supporting-president-javier-milei-again-i-recommend-investing-in-a">President Javier Milei&#8217;s administration.</a>
The Global X MSCI Argentine ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>), which tracks the performance of leading Argentine stocks, registered over a 1% increase shortly after markets opened in New York. 
This marks the ETF&#8217;s eighth gain in nine sessions, culminating in a 54% rally since Milei&#8217;s election victory in November 2023.
The bullish sentiment extended to Argentine fixed-income assets, particularly dollar-denominated bonds. Notes maturing in July 2030 spiked to 55 cents on the dollar, more than doubling their value since the election of the libertarian President, who many now regard as having a Midas touch on the nation&#8217;s financial market.
Investor optimism has been particularly robust within the banking sector. Shares in major Argentine banks like Banco Macro S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMA#NYSE">BMA</a>), Grupo Financiero Galicia S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GGAL#NASDAQ">GGAL</a>), and Banco BBVA Argentina S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAR#NYSE">BAR</a>) soaring by more than 100% since the start of the year.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I recommend investing in Argentina <a href="https://t.co/DIrcf8TsLN">https://t.co/DIrcf8TsLN</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787654457339342932?ref_src=twsrc%5Etfw">May 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Chart: Milei&#8217;s Midas Touch On Argentine Stocks, Banks
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/07094737/image-43-1024x495.png" alt="" class="wp-image-326127" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/07094737/image-43-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/07094737/image-43-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/07094737/image-43-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/07094737/image-43-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/07094737/image-43.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Argentina&#8217;s Central Bank Slashes Rates As Monthly Inflation</h3>
Earlier this month, Argentina&#8217;s central bank made a significant move by cutting the benchmark interest rate by 10 percentage points to 50%. 
This adjustment, the fifth since December and third in three weeks, was prompted by a noticeable slowdown in monthly inflation. 
At the end of 2023, the monthly inflation rate in Argentina surged to 25%, indicating a perilous path towards hyperinflation. 
March&#8217;s inflation data revealed a slowdown to 11% month-over-month, lower than the anticipated 12.1%.
In addition, Milei&#8217;s administration bolstered the country&#8217;s fiscal measures. In the first quarter of the year, Argentina achieved the first budget surplus in 16 years. 
&#8220;If the state does not spend more than it collects and does not issue (money), there is no inflation. This is not magic,&#8221; Milei stated.
<h3 class="wp-block-heading">IMF Commends Argentine Efforts</h3>
The International Monetary Fund (IMF) has praised Argentina for its &#8220;ambitious stabilization plan,&#8221; noting the country&#8217;s progress in restoring macroeconomic stability, as Julie Kozack, head of the Communications Department at the IMF, said in April. 
With improved fiscal management, rebuilding of international reserves, and better-than-expected inflation control, Argentina is seeing positive changes in key economic indicators.
In February, the IMF approved an immediate disbursement of $4.7 billion to Argentina, part of a larger effort to support the country&#8217;s economic reforms. This brings the total IMF disbursements under the current arrangement to approximately $40.6 billion.
Looking ahead, the Argentine government&#8217;s commitment to fiscal discipline and inflation control sets a promising course for continued economic recovery. With international support and robust policy measures, Argentine assets could continue to witness the continuation of their bullish momentum. 
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Elon Musk Endorses Argentine Stocks; Bond, ETF Rally Persists In Wake Of Milei's Election Victory

TSLA

Argentina Presidential Spokesperson Says Milei To Visit Tesla Factory In U.S., Meet Elon Musk This Week

Argentine stocks surged in Tuesday&#8217;s session following lower-than-predicted February inflation figures and an unexpected move by the central bank, which slashed interest rates by 20 percentage points down to <a href="https://www.benzinga.com/topic/argentina">80% a day earlier.</a>
The Global X MSCI Argentine ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>), which tracks the performance of an index of Argentine stocks, closed 1.3% higher, snapping a three-day losing streak.
Government data published on Tuesday revealed that in February, consumer prices experienced a 13.2% rise from the preceding month, which was lower than the 15% gain anticipated by economists. 
On an annual basis, price pressures escalated by 276.2%, marking the sharpest increase since Argentina emerged from hyperinflation in the early 1990s.
According to a government statement, the monthly inflation slowdown is the result of the fiscal discipline implemented by the new administration.
President Milei remarked that the work of Finance Minister Luis Caputo &#8220;is remarkable,&#8221; as reported by local newspaper <a href="https://www.lanacion.com.ar/politica/javier-milei-celebro-el-dato-de-la-inflacion-el-trabajo-de-caputo-es-formidable-nid12032024/">La Nacion</a>. 
In the same vein, he asserted that he &#8220;won&#8217;t yield even an inch&#8221; in his fiscal adjustment plan. 
&#8220;We are going to return to respecting the zero deficit in February, despite a drop in revenue. We have continued with the plan of the chainsaw and the blender; the decrease in public spending is 36%. We won&#8217;t give up even a millimeter,&#8221; Milei stated.
Prior to the inflation data, the Central Bank of the Republic of Argentina (BCRA) slashed interest rates from 100% to 80%, bringing the cost of money to the lowest level in nearly a year. 
Central Bank President Santiago Bausili highlighted that &#8220;a pronounced slowdown in inflation is observed,&#8221; despite the strong statistical drag that inflation brings to its monthly averages.
Policymakers observed a reduced impact compared to initial expectations from December&#8217;s currency intervention on the inflation outcomes.
In the coming months, the authorities of the BCRA will focus on the evolution of core inflation, in view of the announced adjustments to regulated tariffs for public services. 
Milei Contemplates Dollar&#8217;s Inclusion as Legal Tender Alongside the Peso
Caputo stated Tuesday at the AmCham Summit 2024 in Buenos Aires that lowering inflation is the government&#8217;s primary objective. 
He also remarked on Milei&#8217;s ongoing pursuit of a &#8220;competition of currencies,&#8221; envisioning the inclusion of the U.S. dollar as legal tender. 
He highlighted that the currency competition scheme aims to swiftly collapse inflation. This came after he celebrated the government&#8217;s fiscal outcome. 
The International Monetary Fund (IMF) is receptive to discussing a new program to replace Argentina&#8217;s existing $44 billion program, potentially involving additional funding, Caputo says.
Read Now: <a href="https://www.benzinga.com/markets/penny-stocks/24/02/37155750/argentina-is-on-its-way-to-dollarization-and-heres-how-gaucho-group-holdings-nasdaq-vino-is-">Argentina Is On Its Way To Dollarization And Here&#8217;s How Gaucho Group Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VINO#NASDAQ">VINO</a>) Is Set Up To Capitalize</a>
Image: Wikimedia Commons

Government

VINO

Argentine Stocks Surge As Central Bank Slashes Rates By 20% Following Inflation Slowdown: Milei Pushes For Dollar Legal Tender

Argentine stocks experienced a surge on Thursday following rumors that the country is in discussions with the International Monetary Fund (IMF) <a href="https://www.benzinga.com/topic/argentina">for a new program.</a>
This initiative aims to secure additional funding, accelerating Argentina&#8217;s departure from its stringent capital controls, as reported by <a href="https://www.bloomberg.com/news/articles/2024-02-29/argentina-is-said-to-be-negotiating-new-aid-program-with-imf?sref=TBDibEcD">Bloomberg</a> citing a senior government official, who preferred to remain anonymous. 
The official revealed that the IMF is advocating for a quicker depreciation of the Argentinian currency under its &#8220;crawling peg&#8221; system. Additionally, the Fund is urging Argentina to maintain its interest rates above the current inflation rate, which has alarmingly reached approximately 250%.
<h3 class="wp-block-heading">Milei Assures Exit From Capital Controls By Mid Year</h3>
In an <a href="http://ft.com/content/4d789837-0408-4513-a0d7-0d6ce5a8c740">interview </a>with the Financial Times, Argentina&#8217;s newly-elected President Javier Milei conveyed his determination to advance reforms without the necessity for congressional approval, especially post-2025.
Milei&#8217;s strategy, as he states, aligns with academic recommendations and aims to eliminate dollar exchange controls by mid-year, potentially marking a &#8220;turning point&#8221; for Argentina. 
Despite potential challenges, Milei dismissed the likelihood of social unrest during his tenure, except in cases of foreign infiltration.
President Milei&#8217;s administration is keen on removing capital controls, with the IMF&#8217;s support being viewed as a crucial accelerator in this process. Milei believes that cleansing the central bank will pave the way for lifting exchange restrictions, a milestone the IMF estimates could be achieved by mid-year. 
However, Argentina&#8217;s economic landscape is under severe stress, with inflation spiraling uncontrollably. The country recorded a staggering 250% increase in its consumer price index in January 2024, marking the most significant inflationary jump in 33 years. 
Amid these challenges, Argentina&#8217;s ongoing financial obligations to the IMF loom large, with an outstanding debt of approximately $44 billion from a previous arrangement that failed to stay on course.
<h3 class="wp-block-heading">Market Response</h3>
The anticipation of a fresh agreement with the IMF led to a notable uptick in Argentine stocks on Thursday. The Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>) saw a 2.2% increase, with its principal holding, MercadoLibre Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>), experiencing a 2% rise during early morning trading hours in New York. 
Banco Macro S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMA#NYSE">BMA</a>) emerged as the top gainer among Argentine&#8217;s American Deposit Receipts (ADRs), marking a surge of over 6%.
Since Milei&#8217;s electoral win, Argentine stocks have soared by nearly 20%. However, the momentum has plateaued over the last three months, as Milei administration&#8217;s reform initiatives have encountered significant resistance within the Argentine Congress, posing challenges to the government&#8217;s ability to implement its proposed changes swiftly.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/29105821/newplot-10-1.png" alt="" class="wp-image-234424" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/29105821/newplot-10-1.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/29105821/newplot-10-1-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Read now: <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37390822/bitcoin-etfs-skyrocket-with-record-inflows-morgan-stanley-considers-entry">Bitcoin ETFs Skyrocket With Record Inflows, Morgan Stanley Considers Entry</a>
Photo: Shutterstock

Regulations

Rumors

Argentine Stocks Rebound As President Milei Eyes Potential New IMF Deal, Exit From Capital Controls

Argentine President Javier Milei delivered a fervent defense of free-market capitalism and issued a stark warning about the perils of socialism at the World Economic Forum Wednesday, invoking the economic principles of <a href="https://www.benzinga.com/topic/economics">Nobel laureate Milton Friedman.</a>
&#8220;The Western world is in danger&#8221; because its defenders are co-opted by &#8220;a vision of the world that inexorably leads to socialism and thereby to poverty,&#8221; Milei said.
Milei, a staunch libertarian, argued that capitalism, not socialism, holds the key to eradicating global hunger and poverty. &#8220;Free trade capitalism as an economic system is the only instrument we have to end hunger, poverty, and extreme poverty across our planet,&#8221; he said, challenging the notion that the state is the solution to economic woes.
Drawing on historical data, Milei highlighted capitalism&#8217;s role in drastically reducing global poverty over the last two centuries. Ninety-five percent of the world&#8217;s population lived in extreme poverty in 1800, a figure that plummeted to 5% by 2020, he said. This, according to Milei, is a testament to the effectiveness of the capitalist model. Elected as Argentina's president in November, Milei took the reins from a leftist administration amid rising hyperinflation in the country. Milei initiated a peso devaluation exceeding 50%, aiming to match the peso with the rates of a substantially devalued parallel market. Earlier this month, International Monetary Fund staff and Argentine officials agreed on the seventh review under the nation's $44-billion extended fund facility arrangement, which will grant Argentina to access approximately a tranche of $4.7 billion.
Argentine stocks, as tracked by the Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>), have rallied by more 20% since Milei&#8217;s victory. Related Link: <a href="https://www.benzinga.com/markets/latin-america/24/01/36601733/argentine-president-milei-shocks-with-plan-to-dismantle-central-bank-amid-skyrocketing-infl">Argentine President Milei Shocks With Plan To Dismantle Central Bank Amid Skyrocketing Inflation, IMF Backs Move</a>
<h2 class="wp-block-heading">Milei Critiques Socialist Policies, Taxes At Davos </h2>
The Argentine leader said his country&#8217;s experience is an empirical demonstration of how socialist policies can lead to economic downturns regardless of a nation&#8217;s inherent wealth or resources. Milei pointed out that despite Argentina&#8217;s natural resources and skilled population, the adoption of socialist models has not resulted in prosperity or progress.
The Argentine leader took a firm stance against the notion of social justice as propagated by socialist ideologies, denouncing it as inherently unfair and violent due to its reliance on coercive taxation. 
&#8220;The higher the tax burden, the higher the coercion and the lower the freedom,&#8221; Milei said, emphasizing the need for a smaller state apparatus and greater economic freedom.
Milei encouraged entrepreneurs, lauding them as the true drivers of progress and prosperity. He reassured them of Argentina&#8217;s unwavering support, urging them not to be deterred by state intervention. 
&#8220;If you make money, it&#8217;s because you offer a better product at a better price, thereby contributing to general well-being. Do not surrender to the advance of the state. The state is not the solution. The state is the problem itself. You are the true protagonist of this story, and rest assured that, as from today, Argentina is your staunch, unconditional ally,&#8221; Milei said. 
Chart: Argentina&#8217;s Equity ETF Rallied By Over 20% Since Milei&#8217;s Election In November
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/17122641/newplot-8.png" alt="" class="wp-image-184884" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/17122641/newplot-8.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/17122641/newplot-8-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Read now: <a href="https://www.benzinga.com/general/politics/24/01/36648337/us-national-security-advisor-sullivan-at-davos-major-powers-more-interdependent-than-ever">US National Security Advisor Sullivan At Davos: &#8216;Major Powers More Interdependent Than Ever&#8217;</a>
Photo via Shutterstock. 
<h2 class="wp-block-heading">Watch Milei&#8217;s full speech at the World Economic Forum in Davos.</h2>
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Special address by Javier Milei, President of Argentina &#x7C; Davos 2024 &#x7C; World Economic Forum" width="500" height="281" src="https://www.youtube.com/embed/Pfcd0gWNIog?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div>
</figure>

ARGX

Argentina's Milei Condemns Socialism At Davos, Warns Against 'Left-Wing Doctors' Attacking Capitalism

Argentine President Javier Milei raised the stake on Thursday, announcing plans to dismantle &#8220;sooner or later&#8221; the country&#8217;s central bank. This radical remark, revealed in an interview with Radio La Red, aligns with Milei&#8217;s ultra-libertarian ideology and fulfills a bold campaign promise that could push Argentina&#8217;s economic<a href="https://www.benzinga.com/news/24/01/36597688/argentinas-inflation-was-around-200-in-2023-and-it-could-get-worse-in-2024-new-leadership-says-it-wi"> landscape towards the dollarization. </a>
&#8220;They voted us to govern and put the Argentine economy in check. Surveys on the image and government measures are accompanying us. We have set a course and we are fulfilling it,&#8221; Milei stated. This declaration comes amidst a backdrop of soaring inflation and significant economic challenges.
<h2 class="wp-block-heading">Argentine&#8217;s Inflation Runs Out of Control: Up Over 200% In 2023</h2>
Data released in December 2023 reveals a shocking inflation increase, recording a monthly rise of 25.5% and an annual jump of 211.4% — Argentina&#8217;s highest in 30 years. These figures place Argentina behind only Venezuela, among Latin American countries, regarding price hikes in 2023. 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/11164652/ARIRYY_2024-01-11_20-46-36_9d7ff-1024x495.png" alt="" class="wp-image-179929" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/11164652/ARIRYY_2024-01-11_20-46-36_9d7ff-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/11164652/ARIRYY_2024-01-11_20-46-36_9d7ff-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/11164652/ARIRYY_2024-01-11_20-46-36_9d7ff-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/11164652/ARIRYY_2024-01-11_20-46-36_9d7ff-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/11164652/ARIRYY_2024-01-11_20-46-36_9d7ff.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
However, the inflation spike is mainly attributed to the devaluation of the peso, which plummeted 50% against the dollar in November, a move orchestrated by Milei&#8217;s Finance Minister Luis Caputo in his first day of office. 
Despite these alarming numbers, Milei had previously stated that a 25% inflation rate would signify a successful implementation of his government&#8217;s economic policies.
The Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>) saw a modest increase of 0.2% following the inflation data and Milei&#8217;s remarks. This ETF, which tracks Argentine stocks, has risen roughly 20% since Milei&#8217;s election win in November. However, it has dipped by about 9% from its December peak, following the Argentine Congress&#8217; tempering of some of Milei&#8217;s more radical economic proposals.
<h2 class="wp-block-heading">Argentina Reaches Agreement With IMF</h2>
The International Monetary Fund (IMF) announced Wednesday to have reached a staff-level agreement with Argentine authorities on the seventh review under Argentina&#8217;s EFF arrangement, totaling $44 billion. Pending approval by the IMF Executive Board, Argentina could access approximately US$4.7 billion.
The IMF has praised President Milei&#8217;s quick and decisive actions to implement a robust policy package aimed at restoring macroeconomic stability. 
They anticipate that the initial stages, including the elimination of legacy price controls and the correction of FX misalignment, will lead to inflationary pressure and a deeper contraction in activity. 
However, they expect a gradual disinflation process, accompanied by a strengthening external position and eventual recovery in output, demand, and real wages.
<h2 class="wp-block-heading">Milei Heads To Davos </h2>
Milei is scheduled to attend the World Economic Forum in Davos, Switzerland, from Jan. 15-19, 2024. This event brings together political and business leaders from around the globe, offering Milei a platform to showcase his unconventional economic strategies on the world stage.
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36599600/bank-earnings-season-begins-friday-analysts-warn-of-possible-sell-off-on-day-1">Bank Earnings Season Begins Friday: Analysts Warn Of Possible &#8216;Sell-Off&#8217; On Day 1</a>
Javier Milei Image Via Wikimedia Commons

Events

Argentine President Milei Shocks With Plan To Dismantle Central Bank Amid Skyrocketing Inflation, IMF Backs Move

Argentina&rsquo;s inflation rate was&nbsp;around 200% in 2023, <a href="http://www.reuters.com/world/americas/barbecue-off-menu-argentina-inflation-nears-200-2024-01-11/">according</a> to Reuters. Food prices in particular rose much faster than anticipated, making it hard for everyday citizens to afford basic staples like<a href="https://www.reuters.com/world/americas/barbecue-off-menu-argentina-inflation-nears-200-2024-01-11/" style="text-decoration-line:none"> </a>meat and vegetables.<a href="https://www.reuters.com/world/americas/barbecue-off-menu-argentina-inflation-nears-200-2024-01-11/" style="text-decoration-line:none">&nbsp;</a>
For many Argentines, this will not be their first battle with hyperinflation. In the &#39;90s, <a href="https://www.benzinga.com/topic/argentina">Argentina</a> experienced inflation that reached more than 2,000% annually, <a href="http://www.imf.org/external/pubs/ft/fandd/2000/03/pou.htm">according</a> to the International Monetary Fund<a href="https://www.imf.org/external/pubs/ft/fandd/2000/03/pou.htm" style="text-decoration-line:none">.&nbsp;</a>
Last November, Argentine citizens elected political outsider Javier Milei as the country&rsquo;s new president in a run-off election. Milei, who has a background as an economics professor, ran his campaign on bringing inflation down. His message resonated especially well with young adults who grew up during the hyperinflationary period in the &#39;90s.&nbsp;
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/01/36583576/argentinas-marra-freedom-financial-future-cannabis" style="text-decoration-line:none">Argentine President&#39;s Confidant On A Future Free Of Government Interference: Crypto, Lithium, Cannabis &amp; More</a>
But, Milei has said it would&nbsp;take time for his administration to bring inflation lower. Milei has only been in office for about a month&nbsp;and things could get<a href="https://www.reuters.com/world/americas/barbecue-off-menu-argentina-inflation-nears-200-2024-01-11/" style="text-decoration-line:none"> worse before they get better. </a>One Argentine economist believed&nbsp;inflation could reach 500% this year, <a href="http://finance.yahoo.com/news/argentina-poised-surpass-venezuela-200-100000837.html">per </a>Yahoo Finance.&nbsp;
Part of Milei&rsquo;s efforts to curb inflation has been to cut back on government spending and subsidies. Some experts believe this could have the opposite effect and lead to higher prices for consumers in the short term. But, Milei plans to cut many government programs&nbsp;and hopes that without high government spending, inflation will cool in the long run.&nbsp;
Price Action:&nbsp;Overall, investors appear to be not too concerned with the economic situation in Argentina. Global X ETF&#39;s MSCI Argentina ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/argt#NYSE">ARGT</a>) is still up nearly 10% in the past six months. Other companies with significant exposure, like MercadoLibre Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meli#NASDAQ">MELI</a>) are also trading higher in the last six months. But, some individual names were hit in the last month, such as&nbsp;Telecom Argentina SA (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/teo#NYSE">TEO</a>) and Banco Macro SA ADR&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bma#NYSE">BMA</a>).&nbsp;
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/asia/24/01/36593231/bitcoin-on-wall-street-outcast-in-seoul-south-korea-shows-crypto-cold-shoulder-amidst-us-etf-boom">Bitcoin On Wall Street, Outcast in Seoul: South Korea Shows Crypto Cold Shoulder Amidst US ETF Boom</a>
Photo: Shutterstock
&nbsp;
&nbsp;

Argentina's Inflation Was Around 200% in 2023 — And It Could Get Worse in 2024: New Leadership Says It Will Take Time To Reverse

Caja de Valores, Argentina&#39;s Central Securities Depository (CSD), today announced it has launched a new technology platform using Nasdaq&#39;s CSD technology. The platform significantly enhances Caja de Valores&#39; ability to meet immediate operational and performance needs, future proof the business, and position it to capture new growth opportunities.
The launch is the culmination of a multi-year, major change program, which began with Caja de Valores recognizing the potential benefits of modernizing its legacy infrastructure to support the continued growth and institutionalization of Argentina&#39;s capital markets.

NDAQ

Argentina's CSD Caja de Valores Tapped Nasdaq Technology to Modernize the Country's Post-Trade Infrastructure

Argentina&#8217;s new president Javier Milei faces a general strike after spending <a href="https://www.benzinga.com/markets/equities/23/11/35925158/milei-shakes-up-argentina-plans-to-drop-peso-faces-16-1b-oil-fine-stakes-falklands-claim">just a month in office</a>.
What Happened: Protesters have taken to the streets in response to a recent reform bill, and unions have planned a general strike for Jan. 24, while the country&#8217;s equity market has started showing signs of strain.
The CGT, one of Argentina's oldest and most powerful union groups, announced the planned strike Thursday following a raft of unpopular reforms, including Milei&#8217;s decision to sack 5,000 government employees to cut costs.
Milei was the unexpected winner of an election run-off in mid-November — a close result — but one that appeared to please the market at first, lifting the Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>), an exchange-traded fund that tracks Argentine stocks, by 24% since the election.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/29110247/newplot-10.jpeg" alt="" class="wp-image-171335" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/29110247/newplot-10.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/29110247/newplot-10-300x300.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/29110247/newplot-10-150x150.jpeg 150w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
The country is battling an inflation rate of 160%, which Milei has stated will pass 200% if immediate measures are not taken. Even with a record-high interest rate of 133%, inflation is not cooling.
Also Read: <a href="https://www.benzinga.com/markets/equities/23/11/35925158/milei-shakes-up-argentina-plans-to-drop-peso-faces-16-1b-oil-fine-stakes-falklands-claim">Milei Shakes Up Argentina: Plans To Drop Peso, Faces $16.1B Oil Fine, Stakes Falklands Claim</a>
<h2 class="wp-block-heading">Which Argentina Reforms Are In Dispute?</h2>
The Reform Bill, which Melei has sent to parliament, contains 664 articles, which include the privatization of 41 public companies, reforms on debt restructuring and overseas sales of government bonds, higher export taxes, as well as constitutional reforms that would cede legislative power to the presidency for a time.
This comes just two weeks after the president announced a currency devaluation by 54% that brought the Argentine peso down to 800 versus the dollar.
Milei&#8217;s grip on parliament is not a strong one, however. His coalition, La Libertad Avanza, controls only 15% of the seats in parliament&#8217;s lower house.
<h2 class="wp-block-heading">How Have Markets Responded?</h2>
Broadly speaking, it appears investors are not fully in tune with the reforms. Of the 23 companies on the S&amp;P Merval index, 17 of them lost ground in the past week while the Merval index fell 2.5%
While this might not sound too surprising, it has to be measured against the long-term performance of the Merval to show its real significance.
In the year to date, all 23 constituents of the Merval have gained. The strongest of which is from electricity distributor Edenor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDN#NYSE">EDN</a>), which is up 577%, while the weakest year-to-date performance is from pharmaceuticals company Laborotorios Richmond, which is up 80%.
Over a three-year timeframe, the strongest performer is natural gas distributor Transportadora de Gas del Norte, up 4027% over the period, while the weakest performer is Bolsas y Mercados Argentinos with a 35% gain.
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