24/06/2026 04:05 - Economia
Tuesday, June 23, 2026 was a day to forget in global financial markets. The strong risk aversion that swept through Wall Street dragged Argentine assets into a sharp correction, abruptly cutting short the rally they had been enjoying in recent weeks. The main culprit: signals that the US Federal Reserve (Fed) would maintain a more restrictive stance for longer than expected.
ADRs (American Depositary Receipts) are shares of foreign companies traded on US exchanges. They allow international investors to buy Argentine companies without dealing with local exchanges.
| Company | Change |
|---|---|
| Edenor (Energy) | -4.4% |
| Grupo Financiero Galicia (Banking) | -3.9% |
| YPF (Oil & Gas) | -3.5% |
| BBVA Argentina (Banking) | -3.5% |
| Transportadora Gas Sur (Energy) | -3.4% |
| Central Puerto (Energy) | -3.0% |
Source: Infobae, Ámbito Financiero
Country Risk measures the premium investors demand for holding Argentine bonds versus US Treasuries. Higher numbers indicate greater perceived risk.
Basis Points
Still near 8-year lows despite the increase
The correction wasn't exclusive to Argentina. Major US stock indices registered significant losses:
Why did it fall so much? The Fed suggested its next move would be an interest rate hike, strengthening the US dollar and triggering a massive sell-off of risky assets. The DXY Dollar Index rose to 101.39 points, its highest level since March 2025.
An additional factor fueling the sell-off was the collapse of the Korean tech market. Shares of Samsung Electronics and SK Hynix fell more than 12%, dragging the Kospi index to a brutal 10% loss. Doubts about AI company valuations intensified after Micron's results, with its shares falling 13.2%.
Argentina operates with multiple exchange rates due to capital controls. Here's what foreigners need to know:
$1,490 ARS/USD
Banco Nación (highest since January)
Used for imports, travel, official transactions
$1,505 ARS/USD
Highest since January 20
Parallel rate for cash transactions
$1,507 ARS/USD
+1.5% on the day
Electronic market rate for bond trading
The S&P Merval is Argentina's main stock index, tracking the largest companies on the Buenos Aires Stock Exchange. It fell 0.9% in Argentine pesos, settling around 3,248 points. Measured in dollars, the drop was steeper: nearly 3%, reaching approximately 2,089 points.
Financial stocks, which had led gains in recent weeks, absorbed much of the selling. The energy sector remained the strongest refuge, according to Mills Capital analysis.
The BCRA continued accumulating foreign currency, closing the session with purchases of USD 20 million. However, this represents a slowdown from April-May levels, when it purchased an average of USD 138 million daily. June's positive balance totals USD 1.176 billion.
International reserves stood at USD 47.469 billion, after subtracting USD 38 million due to falling gold prices.
After market close, MSCI (Morgan Stanley Capital International) announced it would keep Argentina in Standalone category, excluding it from any review process to upgrade to Frontier or Emerging Market status. This is a classification used by global investors to determine which countries are investable under their mandates.
The decision represents a setback for local market expectations, which had hoped for at least inclusion on a watch list. Argentina has been classified as Standalone since 2018 due to capital controls that limit foreign investors' ability to repatriate funds.
Dollar-denominated sovereign bonds (Bonares and Globales) retreated an average of 0.3%, led lower by the Bonar 2041, Global 2041, and Global 2046. Only the Global 2030 managed to hold a slight gain.
Investor attention now focuses on June's final debt auction, scheduled for Friday. The Ministry of Economy must cover approximately $16.2 trillion Argentine pesos in maturing obligations.
Alfredo S. Quiroga
