Argentina country risk rises above 600 points as stocks fall

Argentina's financial markets experienced volatility as country risk rose to 611 basis points, breaking above the 600-point threshold. This increase was driven by a decline in sovereign bonds and a global shift toward risk aversion following higher-than-expected inflation data from the United States.

The S&P Merval index fell 1.2%, closing at 2,835,843 points. While some energy stocks like YPF saw gains, the broader market, including major banks such as BBVA and Grupo Financiero Galicia, faced significant declines. Argentine ADRs on Wall Street also trended lower, mirroring the downturn in major U.S. indices like the Nasdaq.

In the foreign exchange market, the wholesale dollar remained relatively stable, closing at 1,513 pesos. The Central Bank continued its intervention with significant dollar purchases, while the Treasury successfully managed debt rollovers. Despite the market turbulence, the official retail dollar held at 1,535 pesos.