Buenos Aires, February 22, 2026, 05:45 GMT-3 — That’s it for the session; the market is done trading for the day.
- Buenos Aires turns its attention to the Senate on Monday, where lawmakers are preparing for a vote on a labor overhaul backed by Milei.
- The S&P Merval edged up on Friday, closing out the week in positive territory. Volatility stuck around.
- Traders eye two domestic data points—activity and retail sales—for a fast gauge on demand.
Politics dominated early in the week over at Argentina’s Bolsa de Comercio de Buenos Aires, where lawmakers advanced President Javier Milei’s labor reform bill toward a key Senate vote.
Milei’s ability to push this package through Congress is now the key measure of his reform clout. Investors are watching it closely, treating it as the barometer for the fate of his broader agenda.
The S&P Merval index, which follows major local stocks on BYMA—the main Argentine exchange—often sees swift swings as political news rattles expectations for spending, employment, or investment. (S&P Global)
The S&P Merval (.MERV) wrapped up Friday at 2,873,248.32, up 1.20% at the close. That put the weekly gain near 2.0%. Trading resumes Monday, 10:30 a.m. local time. (Reuters)
Milei’s bill squeezed out a win in the lower house after a marathon session, passing 135 to 115 early this day. Next stop: the Senate, where lawmakers are expected to wrap things up next week, right before Congress’s regular session opens March 1. Lisandro Almiron from the ruling party challenged opponents with a sharp question: “What good is an entire library of labor legislation … if the system it establishes doesn’t serve to create jobs?” The measures would ease hiring restrictions and trim severance pay—the cash workers receive after job loss. Employers would also face a new severance fund, redirecting money that now feeds into pensions. That idea hasn’t gone over well with everyone. Portfolio Personal Inversiones flagged the proposal, cautioning it could lead to “the emergence of a new domestic long-term savings player.” (Reuters)
Now eyes turn to the Senate. The main unknowns: how quickly senators move on the bill, and how hard opponents push back. Any fresh strike or a softening amendment could easily rattle the rally, hitting domestically oriented stocks the hardest.
Congress fades from focus as markets look to new data. INDEC is up first, set to publish its monthly economic activity indicator at 4 p.m. Buenos Aires time (1900 GMT) on Tuesday, Feb. 24. The last report showed a -0.3% year-on-year dip; now, consensus is calling for a 0.5% climb. Next up: December retail sales, due Wednesday, Feb. 25, also at 4 p.m. The previous jump was 17.3% year-on-year, but forecasts are reined in this round, pointing to 16.0%. (Trading Economics)
Investors appear to be watching risk appetite closely this week, with Nvidia’s earnings on the radar and geopolitical concerns refusing to fade. Attention is also turning to the fourth anniversary of Russia’s invasion of Ukraine. In Argentina, oil price moves have outsized impact; energy stocks play a particularly heavy role in the local market. (Reuters)
Risks are everywhere: a heated Senate battle could flare up, labor tensions keep rising, and shifts in global risk appetite threaten to stir up those sharp, jittery swings that have become all too familiar for Argentine assets.
