After Milei's speech before global leaders, Argentine assets improved and the dollar retreated
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The speech by President Javier Milei at the World Economic Forum in Davos had an immediate impact on financial markets and once again reflected a key fact: international confidence is beginning to translate into concrete results for the Argentine economy.
After the president's presentation before political and economic leaders from around the world, the dollar resumed its downward trend and Argentine stocks posted significant gains both on the local exchange and on Wall Street. The movement took place on a day marked by international geopolitical tensions, which further reinforces the positive signal that the country received.
Javier Milei llegó a Davos vistiendo un mameluco de YPF.
In the foreign exchange market, the official dollar closed at $1,405 for buying and $1,455 for selling at Banco Nación, with a drop of $5 compared to the previous close. The blue dollar also fell and stood at $1,480 for buying and $1,500 for selling, marking a 0.34% decline during the session. The wholesale exchange rate closed at $1,431, with a 0.4% drop, and remained more than 120 pesos below the exchange ceiling.
Meanwhile, financial dollars showed slight downward movements. The MEP traded around $1,468, while the contado con liquidación stood near $1,517. In turn, Central Bank reserves reached US$44.874 billion, after a new foreign currency purchase, consolidating the highest level since September 2021.
The most visible impact occurred in the stock market. On the Buenos Aires exchange, the S&P Merval index rose 1.6% and reached 2,987,715 points, equivalent to almost US$1,970 when adjusted by the contado con liquidación dollar. On the leading panel, the gains of Banco Macro, Edenor, and Grupo Financiero Galicia stood out.
On Wall Street, Argentine stocks showed an even more forceful performance. Edenor led the gains with a 7% advance, followed by Corporación América, Banco Macro, and YPF, with increases of up to 5.5%. The behavior occurred in a complex international context, which reinforces the positive reading of the presidential message. In the bond market, the reaction was mixed, although country risk fell and stood at 568 basis points, marking a decline compared to the previous session.
The market's reaction confirms that the economic course and the message of predictability, openness, and fiscal discipline conveyed by the Government are beginning to take hold. While sectors of traditional politics remain anchored in failed recipes, investors are responding with concrete actions to leadership that is once again placing Argentina at the center of the global stage.
