Argentine stocks and bonds closed lower on Friday, June 5, ending an upward streak. Country risk rose to 494 basis points according to JPMorgan.
Most Argentine ADRs traded lower on Wall Street. Ternium fell 4.2% and Tenaris dropped 3.8%. Dollar-denominated bonds declined as much as 1.7%, led by GD46D. The S&P Merval retreated 2.4% to 3,097,734.10 points. Leading shares hit hardest included Sociedad Comercial del Plata, down 5.9%, Pampa Energía which lost 3.5% and Transportadora de Gas del Norte which fell 3.3%. The decline was linked to tensions in the Middle East and positive US employment data that reduced expectations for Federal Reserve rate cuts this year. Country risk, measured by JPMorgan, closed at 494 basis points after a slight daily drop.
