Latin American Markets, NYSE Close Mixed

Argentina’s Merval index remained the region’s highest climber on. Tuesday, while Wall Street felt the weight of banks’ results on investor sentiment

The New York Stock Exhange. Photographer: Michael Nagle/Bloomberg
By Bloomberg Línea
April 18, 2023 | 08:18 PM

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A roundup of Tuesday’s stock market results from across the Americas

🌎 Argentina’s Merval stays on top in Latin America:

Latin American markets closed mixed on Tuesday, with Argentina’s Merval (MERVAL) once again posting the highest gains, closing 1.07% higher and buoyed by the shares of YPF SA (YPFD), Transener SA (TRAN) y Transportadora de Gas del Sur (TGSU2).

Argentina’s mint, Casa de la Moneda, cannot keep up with the central bank’s orders and will start importing banknotes from Paris and Malta. The entity, which since this year is presided by Ángel Mario Elettore, launched a public tender to quote for the air shipments of more than 1,160 pallets of banknotes from the French capital and from the island located in the south of Italy during the next four months, thus joining Spain, Brazil and China as suppliers of Argentine pesos.

Through public tenders, the CMA will seek bidders to bring the banknotes either through charter or commercial flights.

Exclusive: Inflation-Hit Argentina to Import Banknotes from Europe Prior to Elections

Mexico’s S&P BMV/IPC (MEXBOL) led the losses among the region’s main indicators after losing 0.72%, dragged down by the poor performance of the industrial, real estate and communication services sectors.

Mexico’s president continues to escalate tension with the US after mentioning that the country has been the target of spying by the Pentagon.

President Andrés Manuel López Obrador said that the Mexican government needs to safeguard classified information to protect its “national security and defend its sovereignty”, arguing without proving that the country is subject to espionage by units of its northern neighbor.


🗽On Wall Street:

Stocks were little changed as traders weighed earnings from some of the largest American banks and comments from two Federal Reserve officials who favor continued rate hikes to fight inflation.

The S&P 500 added 0.1%. The Cboe Volatility Index hit its lowest since January 2022, remaining below 17. Goldman Sachs Group Inc. fell as its results showed traders failed to capitalize on Wall Street’s fixed-income boom, contributing to firmwide revenue that trailed estimates. Bank of America Corp. rose after profit beat expectations.

The Dow Jones Industrial Average dropped 0,03% and the Nasdaq Composite (CCMPDL) 0.04%.

In late trading, Netflix Inc. retreated as its subscriber growth and revenue outlook missed projections. United Airlines Holdings Inc. said that increasing international travel and lower operating costs will likely push its second-quarter profit above estimates. First Horizon Corp. reported deposits at end-period that missed the average analyst estimate.


“It’s so early in the reporting season, it’s really hard to make too much out of what’s going on,” said Tony Roth, chief investment officer at Wilmington Trust. More regional banks are due to report results in the coming days and weeks, and “that will give us a better sense of how they’re doing.”

Tesla Inc. declined ahead of its first-quarter results due after the market close Wednesday. Investors are focused on the electric automaker’s profit margins, which likely took a hit as the company slashed prices to spur demand throughout the quarter.

Two-year US yields, which are more sensitive to imminent policy moves, edged higher. Fed Bank of Atlanta President Raphael Bostic told CNBC he favors raising rates one more time and then holding them above 5% for some time to curb inflation. His St. Louis counterpart James Bullard separately told Reuters that he favors getting rates into a 5.5% to 5.75% range. The benchmark currently sits between 4.75% and 5%.


Bitcoin’s 2023 rebound has resumed after stalling around the closely watched $30,000 level.

The Bloomberg Dollar Spot Index fell 0.2%, the euro rose 0.4% to $1.0971, the British pound rose 0.4% to $1.2426 and the Japanese yen rose 0.3% to 134.08 per dollar.

🍝 For the dinner table debate:

New York once again leads the list of cities with the greatest wealth in the world, with nearly 340,000 millionaires in 2022, according to the investment and migration firm Henley & Partners.

The United States has the largest global presence, with 10 of the fifty wealthiest cities on the planet.


Tokyo ranks second, followed by the California Bay Area, London and Singapore. The annual study examined ninety-seven cities from 9 regions of the world.

New York retained its top spot after the number of millionaires increased by 40% over the period from 2012 to 2022. Singapore saw an increase of the same magnitude, while cities such as Shanghai, Houston, Dubai and Mumbai saw an even larger increase.

China ranked behind the United States, with five cities in the top 50 richest list, narrowly edging out Australia, which has four.