La vendita allo scoperto per Global X MSCI Argentina ETF dà agli investitori un'idea del grado in cui gli investitori stanno scommettendo sul declino delle azioni di Global X MSCI Argentina ETF. I dati relativi alle vendite allo scoperto vengono aggiornati ogni due settimane.

Global X MSCI Argentina ETF (ARCA:ARGT), Report sulle vendite allo scoperto

Global X MSCI Argentina ETF

Financial Services

Technology

Energy

Basic Materials

Consumer Defensive

Consumer Cyclical

Utilities

Other

Industrials

Communication Services

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).

Mercadolibre Inc - Common

Ypf S.A.-Sponsored Adr Depositary Receipt

Banco Macro Sa

Filo Corp

transportadora De Gas Del Sur S.a. Spons Ads Each Repr 5 Class'b'ars1

Embotelladora Andina Sa B

Arcos Dorados Holdings, Inc., Class A

Artemis Gold Inc

WIIM

ARGT

BBAR

CEPU

CRESY

DESP

GGAL

LOMA

SUPV

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

BIOX

MELI

Telecom Argentina Stet - France Telecom S.A.

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.

News

Contracts

Global

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.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40654552/whats-going-on-with-software-developer-paltalk-stock-today" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Software Developer Paltalk Stock Today?</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Analyst Color

Equities

Upgrades

Price Target

Offerings

Markets

Analyst Ratings

Movers

General

AADR

Why Energy Company YPF Shares Are Gaining Today

Argentina Mining Secretary Says Mining Exports To Double To $10B In 2027 From $4B This Year On Lithium, Copper

Macro Economic Events

Market Summary

Economics

AVGO

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>
Read now: <a href="https://www.benzinga.com/news/24/06/39136240/koss-corp-tupperware-blackberry-shares-are-moving-monday-whats-going-on">Koss Corp, Tupperware, BlackBerry Shares Are Moving Monday: What&#8217;s Going On?</a>
Photo via Shutterstock.

ETFs

ADRT

BSAC

DFEN

DXYZ

GOLD

JCPB

NUSI

UPRO

XPER

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. 
Now Read: <a href="https://www.benzinga.com/news/24/05/38669520/elon-musk-is-all-hearts-for-jack-dorsey-calling-x-freedom-technology-after-quitting-twitter-killer-b">Elon Musk Is All Hearts For Jack Dorsey Calling X &#8216;Freedom Technology&#8217; After Quitting Twitter-Killer Bluesky</a>
Image: Shutterstock

Latin America

Social Media

Bonds

Emerging Market ETFs

Econ #s

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"> 
<div class="wp-block-embed__wrapper">
<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>

Emerging Markets

Politics

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.
Now Read: <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36416967/crypto-crackdown-looms-in-argentina-as-mileis-bill-demands-full-disclosure">Crypto Crackdown Looms in Argentina As Milei&#8217;s Bill Demands Full Disclosure</a>

Argentina Union Calls Strike After President Milei's Reform Bill Sparks Protests, Market Downturn

Investors are displaying newfound confidence in Argentina&#8217;s stock market and <a href="https://www.benzinga.com/topic/argentina">the country&#8217;s future economic prospects.</a>
What Happened: The Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>), a popular exchange-traded fund accessible to U.S.-based investors, soared to $54, marking a historic high since its inception in 2011.
Ever since President Javier Milei&#8216;s election victory on Nov.18, tango stocks tracked by the ARGT have experienced an impressive rally. They surged by more than 25% and headed towards their sixth consecutive week of gains. 
This winning streak is the longest seen since December 2018.
<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/2023/12/21162528/newplot-2.jpeg" alt="" class="wp-image-166898" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/21162528/newplot-2.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/21162528/newplot-2-300x300.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/21162528/newplot-2-150x150.jpeg 150w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
On Dec. 21, Milei issued a presidential decree that will likely lead to a wave of privatizations and deregulation efforts.
During a speech at the presidential palace in Buenos Aires, the libertarian President outlined a series of reforms, including the repeal of regulations he says are hindering the privatization of state-owned companies. 
He further stated that all state-owned businesses would undergo legal restructuring to pave the way for privatization.
Milei also revealed plans to reduce costs for mining companies that have been drawn to vast deposits in the Andes due to the growing demand for battery metals amid the transition to clean energy.
Also last week, Argentina&#8217;s Finance Minister, Luis Caputo, announced a <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36180748/argentinas-new-president-javier-milei-sets-bold-economic-agenda-there-is-a-light-">shock-therapy plan</a> involving deep budget cuts and a 54% devaluation of the peso to combat hyperinflation.
Congressional Hurdles: Local newspaper La Nacion reports that the decree for economic deregulation may face opposition in the Argentine Congress, potentially marking the first significant setback for Javier Milei&#8217;s administration.
This development has sparked strong resistance among parliamentary factions, raising the possibility of an unprecedented and historic scenario. Until now, no Decree of Necessity and Urgency (DNU) has been declared invalid by both chambers.
Milei&#8217;s party lacks a majority in both chambers of Congress. This necessitates the cooperation and acceptance of his reforms by other political parties.
Why It Matters: The surge in Argentine stocks has largely depended on investor expectations regarding the far-reaching economic reforms advocated by Milei.
Should the Argentine Congress impede these reforms, the initial promise of Milei&#8217;s presidency could lose its luster.
Notably, the state-owned Argentine energy giant, YPF Sociedad Anonima, witnessed a spectacular rally of over 70% in the week following Milei&#8217;s election triumph. Nevertheless, its performance has remained stagnant since.
For now, the market eagerly awaits tangible actions to match the lofty rhetoric, reigniting the optimism surrounding Tango stocks and their potential to dance unhindered.
Read Now: <a href="https://www.benzinga.com/markets/cannabis/23/12/36178902/javier-milei-and-cannabis-the-new-argentine-presidents-position-on-marijuana">Javier Milei And Cannabis: The New Argentine President&#8217;s Position On Marijuana</a>
Image: Pixabay

Argentina's Tango Stocks Dance On New Heights, But Milei's Deregulation Efforts Face Congressional Hurdle

The Argentine peso has depreciated by a staggering 54% following the newly elected President Javier Milei&#8216;s tough economic measures, aimed at rescuing the nation from a deep <a href="https://www.benzinga.com/news/23/12/36209455/from-peso-devaluation-to-welfare-initiatives-javier-mileis-economic-reform-underway-but-investors-wa">solvency crisis and hyperinflation.</a>
The official exchange rate jumped overnight to an unprecedented 800 pesos per dollar, exceeding market expectations that had forecast a 25-30% devaluation after Milei&#8217;s inaugural speech.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="520" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/13094420/usdars_cur.png" alt="" class="wp-image-160632" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/13094420/usdars_cur.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/13094420/usdars_cur-300x208.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Image: TradingEconomics
<h2 class="wp-block-heading">Milei&#8217;s Shock Therapy Begins</h2>
This drastic devaluation of the peso and the comprehensive economic overhaul signal a new era in Argentine economic policy.
According to Milei, his government inherited a disastrous financial and economic situation, with projected inflation heading towards 15,000% annually.
Prior to this policy, acquiring dollars in unofficial markets meant having to sell roughly three times the amount of pesos needed in the official market, owing to the capital controls still implemented in Argentina.
The decision to devalue the peso closes the gap between the official rate and the parallel market rate. The parallel market rate now hovers around 1,125 pesos per USD, roughly 35% higher than the official rate, as per the exchange rate on Binance between the peso and the Tether stablecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>).
The peso devaluation is one of 10 economic measures announced by the new Finance Minister, Luis Caputo, on his second day in office. As reported by local newspaper La Nacion, these measures include reducing the number of ministries from 18 to 9, cutting transfers between the federal government and provinces, reducing public subsidies for transportation and energy starting Jan. 1, and increasing import taxes. 
The government aims to reduce spending by 2.9% of GDP, impacting social subsidies and pensions, while planning a 2.2% tax hike over the next year.
To mitigate the economic hardship that Argentine consumers will face, the government has introduced food assistance programs for the neediest families.
Following this measures, Argentine stocks, as tracked by the Global X MSCI Argentine ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>), experienced a 0.8% drop in premarket trading on Wednesday. Notably, they have maintained an almost 20% surge since Milei&#8217;s election win.
<h2 class="wp-block-heading">Argentina Now Aligns With IMF Requests</h2>
The Milei government&#8217;s strategy focuses on stabilizing public finances and privatizing state assets to minimize government involvement in the economy, measures that have seemingly won the International Monetary Fund (IMF)&#8217;s approval.
The Washington-based institution, through its Director of Communications Julie Kozack, has welcomed these measures, recognizing their potential in stabilizing the economy and setting a foundation for sustainable, private-sector-led growth.
&#8220;This new package provides a good foundation for further discussions to bring the existing Fund-supported program back on track,&#8221; the <a href="https://www.imf.org/en/News/Articles/2023/12/12/pr23441-imf-spokesperson-statement-on-argentina">Fund</a> commented. 
<h2 class="wp-block-heading">Awaiting Further Actions</h2>
The Argentine Central Bank is expected to announce additional measures shortly, focusing on commercial debts and the foreign exchange reserve crisis. 
Investors will be closely watching the implementation and impact of these measures, particularly in the context of Argentina&#8217;s long-standing economic volatility.
Read now: <a href="https://www.benzinga.com/news/earnings/23/12/36213646/s-p-500-nasdaq-set-for-modestly-higher-open-as-all-eyes-turn-to-feds-decision">S&amp;P 500, Nasdaq Set For Modestly Higher Open As All Eyes Turn To Fed&#8217;s Decision</a>
Photo: Shutterstock

$USDT

Milei's Economic Shock Therapy Triggers 50% Collapse Of Argentine Peso, But Gains IMF Support

Javier Milei was sworn in as Argentina's new president on Sunday, with a promise of radical change for <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36171179/pro-bitcoin-president-javier-milei-assumes-office-in-argentina-amid-severe-economic-crisis">the nation&#8217;s troubled economic landscape.</a>
With inflation soaring more than 140%, and amidst a backdrop of relentless economic and political turmoil, Milei&#8217;s inaugural address was nothing short of disruptive, signaling a deep rupture with the immediate and historical precedents.
Acknowledging the hyperinflationary crisis he inherited, Milei painted a grim picture, projecting potential inflation rates reaching a staggering 15,000%, as local news outlet <a href="https://www.lanacion.com.ar/politica/una-luz-al-final-del-tunel-nid10122023/">La Nacion</a> revealed. 
Despite enduring 12 years of stagflation, the ultra-libertarian president offered a glimmer of hope, assuring the public the catastrophe would only persist for a few more months due to his stringent fiscal policies. 
&#8220;There is light at the end of the tunnel,&#8221; he enthused, emphasizing that this time the focus would be on cutting government spending rather than increasing revenues.
Manuel Adorni, the presidential spokesperson, revealed new Finance Minister Luis Andrés Caputo would soon announce economic measures, including a significant reduction in fiscal spending. Moreover, Milei has urgently ordered the removal of privileges, indicating a commitment to tightening the nation&#8217;s belt.
&#8220;I prefer to tell you an uncomfortable truth rather than a comfortable lie,&#8221; Milei boldly declared in his first speech.
President Milei swiftly unveiled his cabinet on social media, declaring, &#8220;¡Hay equipo!&#8221; (We have a team) and championing &#8220;Long live to freedom.&#8221;
<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">HAY EQUIPO&#8230;!!! VIVA LA LIBERTAD CARAJO <a href="https://t.co/sjHptgj3Tp">pic.twitter.com/sjHptgj3Tp</a>
&mdash; Javier Milei (@JMilei) <a href="https://twitter.com/JMilei/status/1734173664273154259?ref_src=twsrc%5Etfw">December 11, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h2 class="wp-block-heading">What Lies Ahead For Argentine Stocks?</h2>
The strong presence of U.S. officials at Milei&#8217;s inauguration, including key members of President Joe Biden&#8216;s economic team, suggests a willingness from Washington to forge a positive relationship with the Argentine president, despite Milei&#8217;s well-known affinity for Donald Trump. 
Built upon improved Buenos Aires-Washington relations and rising hopes on Argentina&#8217;s increased economic openness, 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 surged by 20% since Milei&#8217;s victory in the presidential election runoff on Nov. 18, firmly entering bull market territory.
Among the standout performers are Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDN#NYSE">EDN</a>), YPF Sociedad Anónima (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YPF#NYSE">YPF</a>) and Telecom Argentina S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEO#NYSE">TEO</a>) boasting impressive gains of 67%, 65%, and 51%, respectively. Banks also demonstrated remarkable strength, with Banco Macro (BMA) and Grupo Financiero Galicia S.A. (GGAL) posting gains of approximately 40%.
Global X MSCI Argentina ETF&#8217;s largest holding, MercadoLibre Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>), which accounted for 22% of the fund, also surged by 17% since Milei&#8217;s election victory, further illustrating the market&#8217;s optimism about the new administration&#8217;s economic policies.
<h2 class="wp-block-heading">Chart: Argentine Stocks Rallied 20% Since Milei&#8217;s Election Victory</h2>
<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/2023/12/11114524/ARGT_2023-12-11_15-45-01_ce022-1024x495.png" alt="" class="wp-image-158939" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/11114524/ARGT_2023-12-11_15-45-01_ce022-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/11114524/ARGT_2023-12-11_15-45-01_ce022-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/11114524/ARGT_2023-12-11_15-45-01_ce022-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/11114524/ARGT_2023-12-11_15-45-01_ce022-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/11114524/ARGT_2023-12-11_15-45-01_ce022.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read Now: <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36176919/november-cpi-data-takes-center-stage-ahead-of-fed-meeting-will-disinflation-excit">November CPI Data Takes Center Stage Ahead of Fed Meeting: Will Disinflation Excitement Persist?</a>

Trading Ideas

Argentina's New President Javier Milei Sets Bold Economic Agenda: 'There Is A Light At The End Of The Tunnel'

Throughout November, financial markets experienced a significant upswing, with both stocks and<a href="https://www.benzinga.com/markets"> bonds on the rise. </a>
This surge was primarily driven by investors increasing their bets on potential Federal Reserve rate cuts in the upcoming year. Inflation continues to cool and Fed policymakers lean <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36028726/we-are-now-at-the-soft-landing-economists-markets-react-to-subdued-pce-inflation-da">toward more dovish remarks. </a>
This optimism was reflected across various segments of the market. Let&#8217;s break down the top-performing exchange-traded funds (ETFs) across various asset classes, including country equities, U.S. equity sectors, thematic equities, bonds, and commodities. 
<h2 class="wp-block-heading">Best Country ETFs In November</h2>
<ol>
<li>Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>) up 31.5%: Topping the list, the ARGT ETF experienced a remarkable surge, buoyed by the electoral victory of ultra-liberalist Andrei Milei in Argentina. This political shift sparked a wave of bullish sentiment in Argentine stocks.</li>
<li>iShares MSCI Israel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIS#NYSE">EIS</a>) up 16.6%: Israeli equities also witnessed substantial growth. This rise was supported by a stabilization in the shekel, thanks to the intervention by the Bank of Israel following the start of conflict with Hamas. </li>
<li>iShares South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) up 14.5%: South Korean stocks rallied following the financial regulator&#8217;s decision to re-impose a full ban on short-selling, providing a boost to the market.</li>
</ol>
Chart: ARGT ETF Posted Its Best-Performing Month In November
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-1024x723.png" alt="" class="wp-image-153399" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Best U.S. Equity Sector ETFs In November</h2>
<ol>
<li>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) up 12.2%: The technology sector emerged as the front-runner in November. This uptrend is linked to the improved investor outlook and the anticipated decline in Federal Reserve interest rates.</li>
<li>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) up 11.9%: Real estate stocks also rallied in response to expectations of lower interest rates next year, which could provide a much-needed respite to a sector that has been severely hit by the elevated mortgage rates. </li>
<li>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) up 10.5%: The financial sector, particularly bank stocks, showed robust gains, fueled by the prospect of increased lending activity amid borrowing costs next year.</li>
</ol>
Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36029153/chilling-2024-s-p-500-outlook-why-jpmorgan-analysts-project-nightmare-scenario-for-">Chilling 2024 S&amp;P 500 Outlook: Why JPMorgan Analysts Project Nightmare Scenario For Stocks</a>
<h2 class="wp-block-heading">Best Thematic ETFs In November</h2>
<ol>
<li>ARK Innovation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NASDAQ">ARKK</a>) up 31.4%: Cathie Wood&#8217;s flagship fund, ARKK, recorded its best month since inception, driven primarily by a rally in crypto-related companies and tech startups.</li>
<li>Spear Alpha ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPRX#NASDAQ">SPRX</a>) up 22.87%: SPRX also showed significant gains, benefiting from the overall positive market sentiment towards tech stocks. </li>
<li>Amplify Thematic All-Stars ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MVSP#NYSE">MVSP</a>) up 18.8%</li>
</ol>
Chart: November 2023 Was Cathie Wood&#8217;s ARKK ETF Best Performing Month Ever 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-1024x723.png" alt="" class="wp-image-153400" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Best Fixed-Income ETFs In November</h2>
<ol>
<li>PIMCO 25 Year Zero Coupon U.S. Treasury Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZROZ#NYSE">ZROZ</a>) up 14%: The decline in long-dated Treasury yields fueled a rally in the fixed-income duration. November 2023 was the strongest month for this portion of the bond market since August 2019, and the second best one since January 2015. </li>
<li>iShares 25 Year STRIPS Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOVZ#NYSE">GOVZ</a>) up 13.3%</li>
<li>Vanguard Extended Duration Treasury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDV#NYSE">EDV</a>) up 12.5%</li>
</ol>
<h2 class="wp-block-heading">Best Commodity ETFs In November</h2>
<ol>
<li>iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>) up 10.3%: Precious metals, particularly silver, saw a sharp rally thanks to the decline in long-term Treasury yields and a weaker U.S. dollar.</li>
<li>United States Copper Index Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) up 5.2%: Copper also saw gains, influenced by the softer dollar.</li>
<li>Teucrium Soybean Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOYB#NYSE">SOYB</a>) up 3.5%</li>
</ol>
Read Now: <a href="https://www.benzinga.com/news/mid-cap/23/11/36008708/cathie-woods-ark-innovation-etf-achieves-35-gain-in-november-its-best-month-since-inception">Cathie Wood&#8217;s ARK Innovation ETF Achieves 35% Gain In November, Its Best Month Since Inception</a>

Sector ETFs

Broad U.S. Equity ETFs

Specialty ETFs

New ETFs

Federal Reserve

ARKK

CPER

iShares MSCI Israel Capped Investable Market Index Fund

iShares 25+ Year Treasury STRIPS Bond ETF

GOVZ

MVSP

SOYB

SPRX

XLRE

PIMCO 25+ Year Zeroupon US Treasury Index Fund

ZROZ

This Month's Top-Performing ETFs: Politics, Fed Rate Cut Hopes Ignite 30%-Plus Rally In These 2 Funds

Argentina's stock market could have 20% more upside, even after 2024 rally - Roth MKM

Highest And Lowest Country ETF Dividend Yields

ARGT: A Top Performing Global Fund On Track For Sustained Strong Returns

Druckenmiller is staying out of China, shorting U.S. bonds

Top emerging markets ETFs amid China's fuel to sentiment

BBAR, other U.S.-listed Argentine stocks advance on better-than-expected economic data

BRICS eyes challenging Western dominance, but will it be successful?

Argentine President Milei's First Year In Office: Laying The Foundation For Sustainable Growth

Nu Holdings: A Formidable CEO Interview And New Risks

The next couple of weeks should be interesting, not just for politics and the election, but for the political ETFs. So now, not only do you have many choices of presidential candidates, but you also have many political ETF choices.

Are Democrats Or Republicans Or Libertarians Better Investors?

ACVF

ASHR

BRZU

CHIQ

CQQQ

CWEB

CXSE

DEMZ

EDEN

EFNL

EIDO

EIRL

EMXC

ENOR

ENZL

EPHE

EPOL

EWZS

FLIN

FLSA

FRDM

GREK

INCO

INDA

INDL

INDY

KRUZ

KURE

KWEB

MAGA

MCHI

NANC

NFTY

NZAC

SMIN

SPTI

SPTL

VNAM

YALL

YANG

YINN

Screenshot 2024-11-05 at 12.24.27 AM

BBVA

With Milei&#39;s Economic Reforms, Gaucho Holdings Eyes Growth In Argentina&#39;s Markets

With Milei's Economic Reforms, Gaucho Holdings Eyes Growth In Argentina's Markets

Comments

Global X MSCI Argentina ETF

Vendite allo scoperto

Global X MSCI Argentina ETF (ARCA:ARGT), Report sulle vendite allo scoperto

Notizie

PARTNER/COLLABORATORE

BENZINGA NEL MONDO