Argentine stocks climb up to 8% on Wall Street: S&P Merval in dollars reaches highest level since 2018.

The advances in Argentine stocks are led by Cresud (+7.4%); BBVA (+5.7%); and Edenor (+5.4%).

Argentine stocks soar by nearly 8% this Monday, May 6th, on Wall Street, leading the Buenos Aires Stock Exchange to mark its third consecutive rise amid institutional investor purchases.

The gains in Argentine stocks are led by Cresud (+7.4%); BBVA (+5.7%); and Edenor (+5.4%).

The approval in Congress for the so-called ‘Base Law’ and recent positive indicators for the domestic economy boost the market and drive Argentine stocks to record highs in years.

In the Buenos Aires Stock Exchange, the S&P Merval index improves by 2.7%, reaching a record level of 1,491,708 units, after gaining 6% on Friday and accumulating a 13.3% advance last week.

The leading BYMA panel is trading above 1,300 points measured in dollars (rising 3.3% to 1,338 points), representing its highest level since 2018. Since mid-November, conditions have aligned favorably for Argentine stocks and bonds, suggesting that this trend will continue.

In the fixed income segment, bonds are trading with fluctuations after experiencing declines during the past week.

The most significant gains are seen in the Global 2046 (+1.9%); Global 2029 (+1.6%); and Bonar 2029 (+1.5%). Conversely, declines are observed in Bonar 2041 (-0.7%); Bonar 2025 (-0.2%); and Bonar 2038 (-0.2%).

Meanwhile, the Argentine country risk decreases by 0.2% to 1,240 basis points.

Meanwhile, also in Argentina, the presidential spokesman stated that for the Government, “the issue is settled” regarding the conflict sparked with Spain by the statements of the Spanish Minister of Transport, Óscar Puente, against President Javier Milei, which prompted the president’s response criticizing the administration of Pedro Sánchez, Spain’s Prime Minister.

However, the official confirmed that during Milei’s trip to Spain in mid-May, there is no scheduled meeting with his European counterpart. “The agenda is not closed, but so far there will be no bilateral meeting,” he said in his regular press conference at Casa Rosada.