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Argentine company ADRs fall up to 2.5% on Wall Street.

On Monday, Argentine assets were driven by the market’s positive reaction to the decision of the federal judge in New York, Loretta Preska, to waive Argentina from paying a fine to bondholders. However, investor interest waned on Tuesday.

After starting the week with widespread gains due to the favorable ruling for Argentina on Wall Street, this Tuesday 2 of the Argentine ADRs are trading with declines of up to 2.5%, in line with the major indices of the New York Stock Exchange, which are also down.

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The main losers are Mercado Libre (-2.5%), Central Puerto (-1.8%), and Cresud (-1.7%).

Following the favorable ruling by a New York judge, Argentine stocks trading in New York, known as ADRs, started April with gains of up to 3%, amid a context of declines in the US markets.

Argentine assets were driven by the market’s positive reaction to the decision of the federal judge in New York, Loretta Preska.

The judge ruled on Monday in favor of Argentina in the trial over the GDP-linked bond against the claim of a group of US investment funds in a lawsuit for $1.4 billion.

Preska denied the plaintiffs’ claim, who had obtained a favorable ruling in British courts.

The New York Stock Exchange also opened lower on Tuesday, affected by the rise in Treasury bond yields amid concerns about inflation.

In early trading, the Dow Jones was down 0.95%, the Nasdaq lost 1.19%, and the S&P 500 fell 0.84%.

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Gabriel Micillo
Gabriel is a certified public accountant graduated from UNNE (National University of the Northeast, Argentina) and a software developer, currently pursuing a Master's degree in Finance and Economics. With nearly 8 years of experience working for accounting firms and brokerage firms. Concurrently, he has produced economic and financial reports on the current state of regional economies for the clients of the establishments where he has worked. Additionally, he assisted colleagues like Ignacio Teson in the drafting and editing of articles on similar topics in English language.
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