Argentina Markets: Merval & the Peso — September 8, 2026
Key Facts
- The Merval fell 0.5% to 3,034,598.82 points on Monday, losing 14,521 points in a thin session.
- Buenos Aires traded while New York and Sao Paulo were shut, leaving the market without its usual foreign flow.
- The wholesale dollar rose 0.2% to 1,511.50 pesos, still about 25% below the top of the official band.
- The parallel rate ended at 1,545 pesos, up 0.3%, with the retail rate unchanged at 1,530.
- Central bank reserves stood at US$50.73 billion, down US$23 million on the day.
- August inflation arrives on Thursday, with expectations near 1.7% for the month.
Today’s Focus
Argentina’s Merval fell 0.5% on Monday to 3,034,598.82 points. The index gave up 14,521 points from Friday’s close.
It was an unusual session. Buenos Aires was open while Wall Street took Labour Day and Brazil marked Independence Day.
That left the market trading on domestic flow alone. Volumes were thin and the range was narrow, between 3,025,710 and 3,069,900.
What matters today. Thursday’s August inflation print is the next real test, with expectations settling near 1.7% for the month.
01 The session in one read
The Merval opened firm and faded. It traded as high as 3,069,900 before closing near the bottom of the day’s range.
Banks and property led the decline. IRSA fell 2.3% and Banco Macro lost 2.1%.
Energy was the exception. YPF added 0.2%, helped by Brent trading near US$97 for the November contract.
Sovereign bonds barely moved, easing about 0.1% on average. There was no forced selling.
Very little can be read into Monday. With New York shut the index traded without the foreign flow that normally sets its direction, and the country risk measure did not even publish. The one real move was YPF tracking crude higher, which is the trade that has worked all month. The variable to watch is Thursday’s inflation number, because the disinflation story is what the peso band is resting on.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P Merval | 3,034,598.82 | −0.5% | Down 14,521 points on thin volume |
| Wholesale dollar | ARS 1,511.50 | +0.2% | Band ceiling sits at 1,889.06 |
| Retail dollar, Banco Nacion | ARS 1,530 | unchanged | No movement on the day |
| Parallel dollar | ARS 1,545 | +0.3% | Gap to the official rate stayed narrow |
| Central bank reserves | US$50.73bn | −US$23m | Broadly stable through the session |
| Country risk | 490 bp | not published | Index not updated on the United States holiday |
| IRSA | — | −2.3% | The day’s weakest large name |
The country risk figure needs care. JP Morgan did not publish its index on Monday because United States markets were closed, so 490 basis points is Friday’s level carried forward.
The exchange rate band is the other number to hold onto. With the ceiling at 1,889.06 pesos, the wholesale rate is running roughly 25% below it and the central bank did not need to intervene. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
3,034,599
-0.48%
+30.51%
3,022,485
3,042,365
2,991,150
—
USD/ARS
1,493
+0.10%
+12.96%
1,491
1,494
1,480
—
YPF
7,810
+0.26%
+72.84%
7,790
7,850
7,600
1,763,858
GGAL
6,980
-0.78%
+1.82%
7,035
7,115
6,920
1,564,062
PAMPA
5,115
+0.69%
+26.70%
5,080
5,140
5,000
721,190
TXAR
747.50
-2.35%
+18.67%
765.50
770.00
742.50
771,892
ALUAR
938.00
-1.21%
+29.83%
949.50
951.00
932.50
135,426
TGS
8,870
-0.17%
+15.05%
8,885
9,075
8,720
143,546
CEPU
2,156
+1.84%
+28.36%
2,117
2,165
2,086
404,146
MIRGOR
1,650
-1.20%
-92.90%
1,670
1,670
1,635
20,877
COME
40.93
-0.73%
-30.47%
41.23
41.60
40.50
4,258,884
LOMA NEGRA
3,130
+0.08%
+5.80%
3,128
3,205
3,090
182,992
BYMA
275.00
-1.70%
+35.14%
279.75
282.50
272.00
1,409,575
TELECOM ARG
4,233
-0.70%
+55.19%
4,263
4,335
4,160
31,896
GLOBANT
38.10
-2.26%
-49.65%
38.98
38.70
36.77
793,552
MERCADOLIBRE
1,870
-3.59%
-20.71%
1,940
1,927
1,870
329,640
03 Why it moved — thin books and election nerves
There was no domestic catalyst. The move came from an absence of buyers rather than the arrival of sellers.
Politics is the background worry. Citi published a note arguing that market caution over the 2027 elections has gone too far.
Not everyone agrees. The IERAL research institute has flagged the electoral calendar as a genuine risk to the reform programme.
Inflation expectations have been stabilising near 1.7% a month. That is the anchor holding the peso band together.
The July reading was 2.1% on the month and 33.8% over the year. Prices are up 19.3% so far in 2026.
04 The external accounts
Argentina is running a US$20 billion extended fund facility with the International Monetary Fund, approved in April 2025. The second review was signed off on May 21, releasing US$1 billion.
There was no fund news on Monday. The programme is on schedule.
The other pillar is China. The central bank renewed its swap line with the People’s Bank of China on August 5, extending the term from three years to five.
The line runs to August 2031 and is worth 130 billion yuan, or roughly US$19 billion. About 35 billion yuan of it is activated.
Reserves closed Monday at US$50.73 billion. That is up from about US$49.4 billion a month earlier.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| COLCAP | Colombia | +0.82% |
| IPSA | Chile | −0.01% |
| S&P/BMV IPC | Mexico | −0.21% |
| Merval | Argentina | −0.5% |
| Ibovespa | Brazil | closed |
Argentina was the region’s weakest market on Monday. The gap to Colombia was more than a full percentage point.
That ranking says little on a holiday. All four open markets moved less than one percent.
06 The monetary framework
Argentina no longer runs a single headline policy rate. The central bank has steered monetary aggregates since December 2023, using overnight operations rather than a published target.
That makes comparisons with Brazil or Chile misleading. There is no Argentine equivalent of the Selic or the Chilean policy rate.
The reference rates give a sense of conditions. On September 4 the peso call rate was 20.68%, the interbank benchmark 20.55% and the wholesale time-deposit rate 23.75%.
Those levels sit below the 33.8% annual inflation rate recorded in July. Real rates on short peso positions remain negative on a backward-looking basis.
07 What to watch
- Thursday’s inflation print: August consumer prices are expected near 1.7% on the month. A higher number pressures the peso band.
- The band ceiling at 1,889.06: The wholesale rate is about 25% below it. Watch whether the gap narrows as the election calendar advances.
- Reserves: They closed at US$50.73 billion. Rebuilding them is the fund programme’s central condition.
- Country risk: The index resumes publication now that New York has reopened. The first print will show what Monday hid.
- YPF and crude: Brent near US$98 is the clearest support for the index. Vaca Muerta volume is still rising.
Frequently Asked Questions
Why was Monday’s session unusual?
Buenos Aires traded while New York was closed for Labour Day and Brazil was shut for Independence Day. That removed most of the foreign flow.
What is the Merval?
It is Argentina’s main stock index, quoted in pesos. It closed at 3,034,598.82 points on Monday.
Does Argentina have a policy interest rate?
Not in the usual sense. The central bank has targeted monetary aggregates since December 2023 and steers conditions through overnight operations.
Why is the country risk figure unchanged?
JP Morgan did not publish its emerging market bond index on Monday because United States markets were closed. The 490 basis point level is Friday’s.
Merval — Market data: RT; exchange figures from BYMA
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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