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ARGENTINA: 24-Hour Airline Union Strike Begins

ARGENTINA
  • On the data front, no macro releases are expected until Q2 GDP figures next Wednesday. Analysts expect GDP to have fallen by another 1.6% q/q, following a 2.6% q/q contraction in Q1, leaving the economy 1.3% smaller on a y/y basis. This will be followed by latest trade, labour market and budget data on Thursday.
  • Meanwhile, the country’s airline unions will go on a 24-hour strike from 1600BST(1100ET) today.
  • In other news, latest reports suggest that the country is set for the biggest jump in soy acreage since 2009-10 this year. Soybean planting is said to be on course to rise by 7.5% y/y in the 2024-25 season, partly due to a rotation away from corn. The Rosario Board of Trade’s preliminary harvest estimate for soy, is 52-53mn metric tons, up from 50 million last season.
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