Argentina’s YPF Falls 6.9% as Shares Slide | Argentina Market Report, Nov 2
Key Facts
- Argentine shares fell hard in Buenos Aires on Monday, 2 November: oil giant YPF dropped 6.9%, Pampa Energía, a power and gas group, 3.5% and Grupo Galicia, a leading bank, 2.9%.
- In New York, Argentine shares fell more: YPF lost 6.7% to US$43.85 and Vista Energy, an oil producer, 5.1%, while the ARGT fund of Argentine shares hit a 12-month low.
- The peso weakened to 1,545.25 per US dollar, up 0.63% on the day and the weakest level in 12 months.
- Oil explains part of it: US crude funds fell 7.08% on Iran talks, and YPF and Vista are the biggest oil names.
- Prediction markets: Polymarket, a prediction market, puts 70.5% on Argentine annual inflation for 2026 landing between 30.0% and 34.9%, as of 2 November 2026, 9:10 pm ET.
Today’s Focus
Argentina’s stock market had a rough start to November. Buenos Aires’ biggest oil company, YPF, fell 6.9%, and every other busy blue-chip name except two small ones closed lower.
The weak spots were oil and banks. YPF dropped 6.9%, Vista Energy’s New York shares lost 5.1%, and Grupo Supervielle, a mid-sized lender, fell 5.8%.
The peso slipped too. One US dollar bought 1,545.25 pesos, the highest level in a year.
What matters today. Shares and the peso fell together, which usually signals investors cutting Argentine risk, but the oil price fall means part of the day’s damage was imported.
01 The session in one read
Think of Argentine markets as two screens. On the Buenos Aires screen, most blue chips fell between 2% and 4%; on the New York screen, the same companies fell more.
YPF, the state-controlled oil company, dropped 6.94% in Buenos Aires to 7,245 pesos and 6.7% in New York to US$43.85. Oil prices fell sharply that day, with the US oil fund USO down 7.08% on signs of US-Iran talks.
We do not have a verified close for the Merval, Argentina’s main stock index, so this report uses company prices and the currency instead.
The best-supported reading is that falling oil hit the oil names first, while a weaker peso and a nervous Wall Street (the S&P 500 fell 0.51% and the VIX fear gauge rose to 21.15) added to the selling. We found no single Argentine headline that explains the day.
The variable to watch is country risk, the extra yield investors demand on Argentine dollar bonds. It stood at 787 basis points on Friday, the highest of 2026; Monday’s value was not yet published.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| YPF (Buenos Aires) | 7,245 pesos | −6.94% | Biggest weight and biggest loser |
| Grupo Galicia (GGAL) | 5,205 pesos | −2.89% | Leading private bank |
| Pampa Energía (PAMP) | 4,632.50 pesos | −3.54% | Power and gas |
| USD/ARS (pesos per dollar) | 1,545.25 | +0.63% | Peso at its weakest in 12 months |
| ARGT (US fund of Argentine shares) | US$78.17 | −1.28% | 12-month low |
| Country risk (Friday) | 787 basis points | — | Highest of 2026; Monday not yet published |
Prices come from the RT market feed for Buenos Aires and for US-listed Argentine companies. Argentina’s Merval close is not in our verified data, so the table omits it rather than guess.
The peso reading matters on its own. At 1,545.25 per dollar, the dollar sits 14.1% above its 13 April low of 1,354.75 and at the top of its 12-month range.
Country risk is the extra yield investors demand on Argentine dollar bonds over US Treasuries. At 787 basis points on Friday, the premium was 7.87 percentage points. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
2,848,945
—
+12.65%
2,859,051
—
—
—
USD/ARS
1,537
-0.28%
+3.77%
1,541
1,541
1,537
—
YPF
8,140
-1.45%
+67.04%
8,260
8,400
8,130
1,057,856
GGAL
5,825
-2.27%
-17.84%
5,960
6,090
5,820
1,091,278
PAMPA
5,035
-2.04%
+11.33%
5,140
5,225
5,025
226,261
TXAR
761.00
-3.00%
+29.77%
784.50
798.50
757.00
1,172,882
ALUAR
855.00
-1.50%
+5.30%
868.00
910.00
854.00
265,896
TGS
8,400
-4.00%
-6.25%
8,750
8,920
8,400
71,435
CEPU
1,920
-1.39%
-1.35%
1,947
1,999
1,909
165,948
MIRGOR
1,775
-0.56%
-90.15%
1,785
1,805
1,735
6,214
COME
35.15
-1.90%
-14.82%
35.83
35.90
35.01
2,274,189
LOMA NEGRA
3,085
-2.14%
+2.32%
3,153
3,200
3,085
110,621
BYMA
237.00
-1.46%
+5.80%
240.50
246.00
236.50
687,747
TELECOM ARG
3,870
-3.31%
+22.00%
4,003
4,108
3,870
11,330
GLOBANT
42.42
-5.73%
-31.91%
45.00
45.00
42.35
257,828
MERCADOLIBRE
1,700
+1.89%
-26.07%
1,669
1,728
1,672
504,596
03 Why it moved — falling oil and a weaker peso
The first cause, and the heaviest, was oil. The US crude fund USO fell 7.08% as Washington and Tehran signalled they would give talks a chance. YPF (−6.94%) and Vista (−5.1% in New York) are Argentina’s biggest listed oil producers, so they fell most. Confidence: medium to high.
The second cause was a cooler appetite for risk. The S&P 500 fell 0.51%, the VIX rose 8.91% to 21.15, and the ARGT fund of Argentine shares lost 1.28%. Confidence: medium.
The third was the weak peso. A falling currency makes pesos earned by Argentine firms worth less to foreign owners, so sellers rush for the exit. Confidence: medium. We found no single reform headline for the day.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| YPF (YPFD) | 7,245 pesos | −6.94% | Oil producer; hit by the oil fall |
| Pampa Energía (PAMP) | 4,632.50 pesos | −3.54% | Power and gas group |
| Grupo Galicia (GGAL) | 5,205 pesos | −2.89% | Leading private bank |
| Banco Macro (BMA) | 9,750 pesos | −2.21% | Held up better than peers |
| Grupo Supervielle (SUPV) | 2,022 pesos | −5.82% | Heavy loss for a mid-sized lender |
| Edenor (EDN) | 1,256 pesos | −3.53% | Electricity distributor |
| Valores (VALO) | 516.50 pesos | +3.30% | Small gainer; thinly traded |
Oil, banks and utilities all fell together. YPF is the heaviest name on the board, so its 6.94% drop did a lot of the damage on its own.
The few gainers, Valores, a financial group, at +3.3% and Cresud, a farmland company, at +0.3%, are small and thinly traded, so they say little about the market. Mercado Libre, the e-commerce group listed in New York, rose 3.22% to US$1,676.79.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| S&P IPSA | Chile | +1.18% |
| ARGT fund | Argentina (New York) | −1.28% |
| ECH fund | Chile (New York) | +2.10% |
| EWZ fund | Brazil (New York) | −0.92% |
| Ibovespa, IPC, COLCAP | Brazil, Mexico, Colombia | Closed |
Argentina was the weak spot. Chile’s IPSA gained 1.18% and its New York fund ECH 2.10%, while the ARGT fund of Argentine shares fell 1.28%.
Brazil’s and Colombia’s exchanges were shut for holidays and Mexico’s for All Souls’ Day, so US-listed funds are the only regional gauge: Brazil’s EWZ fund fell 0.92%. Currencies still traded: the dollar fell 1.13% against the Mexican peso and rose 0.63% against the Argentine peso.
06 The technical picture
We have no verified Merval levels, so the chart cannot show an index line. The currency is clearer: the dollar at 1,545.25 pesos is the highest in 12 months, with 1,500 the round number below it.
The ARGT fund at US$78.17 closed at its lowest in 12 months, 24.1% below its 27 January high of 102.94. YPF’s New York shares are 23.9% below their 15 September peak of 57.61 and 33.8% above their January low of 32.78.
What it means for you: investors in US-listed Argentine shares or the ARGT fund took losses, and visitors paying in dollars get more pesos for each dollar, while Argentines face costlier imports.
Does it stop? It usually does when country risk stops climbing and oil steadies. Nothing in the figures says the pressure has peaked.
What Prediction Markets Say
On Polymarket, a prediction market, traders put the chance that Argentina’s 2026 annual inflation lands between 30.0% and 34.9% at 70.5%, with 14.5% on 25.0% to 29.9% and 9.6% on 35.0% to 39.9%. For October’s monthly rate, they put 48.0% on 1.6% to 1.8% and 40.0% on 1.9% to 2.1%. About US$90,500 has been traded on the annual market, as of 2 November 2026, 9:10 pm ET.
Prices on prediction markets are bets, not polls or forecasts by officials.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
07 What to watch
- Country risk: Whether the premium stays near 787 basis points; a retreat would be the clearest sign that the selling is easing.
- Peso at 1,545: The top of the 12-month range; a clean move beyond it would signal more currency stress.
- Oil and YPF: YPF’s direction follows crude; a rebound in oil would lift the whole board.
- Argentine data: Industrial production for September is due on Friday 6 November at 19:00 UTC, with a forecast of −1.0% against −3.2% before.
Background: Argentina Stocks Fall as Risk Gauge Jumps.
Background: Argentine Oil Firm YPF Earns US$1.2 Billion.
More: Argentina news in English, every day from The Rio Times.
Frequently Asked Questions
How did Argentine shares do on Monday 2 November?
Most blue chips fell between 2% and 4% in Buenos Aires. YPF dropped 6.94% to 7,245 pesos and Grupo Galicia 2.89%.
Why did Argentine shares fall?
Falling oil hit YPF and Vista first, and a weaker peso and a nervous Wall Street added to the selling. We found no single Argentine headline behind the move.
What happened to the Argentine peso?
The dollar rose 0.63% to 1,545.25 pesos, its highest level in 12 months. That makes imports and foreign travel in dollar terms costlier for Argentines and cheaper for visitors paying in dollars.
What is country risk?
It is the extra yield investors demand to hold a country’s dollar bonds instead of US Treasuries. It stood at 787 basis points on Friday.
Market data: The Rio Times; exchange figures from BYMA
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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