The jump to about $1,200 of the free dollar in the crypto market was the first sign of reaction from the financial sector to Javier Milei's resounding victory in this Sunday's runoff.
The second sign that appears is that of the Wall Street pre-market, where shares of Argentine companies are listed. Although the formal round begins at 11:30 a.m. Argentine time, the operations that are being agreed before the start of operations are already showing strong increases in Argentine stocks. At least in the ones that move the most volume every day.
Thus, the ADRs of the oil company YPF, as well as those of the Galicia and Macro banks, or the energy company Pampa, show strong increases of between 13 and 9%, perhaps foreshadowing what will happen with these shares in the rest of the day.
The bond market was much calmer. On Friday, ADRs had ended up between 3% and 4% but bonds closed down 2% on average. The country risk closed at 2,412.
But what is concrete is that Javier Milei had an unequivocal expression. He said that Argentina had to honour its commitments.
This, in the financial market, could be taken as a sign that the future government does not plan to negotiate a new restructuring of debt bonds. Until Friday, bond prices, trading at 25% of their value, were proof that the market does expect a new default or at least a new renegotiation.
In any case, what is awaited with more anxiety is what will happen to the dollar markets, not only the blue or crypto, but also the stock dollar, which in recent weeks bordered on $900. Could a $300 gap be maintained between crypto (and it remains to be seen if the blue moves from Tuesday in the same direction) and the MEP?
