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ARGENTINA: Milei Travels To Davos, YPF Signs Accord With Indian SOEs

ARGENTINA
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  • President Milei will leave the US later to travel to Switzerland to participate in the World Economic Forum meeting in Davos. Data wise, attention turns to November economic activity on Thursday, where analysts see the economy growing by a further 0.5% m/m. Meanwhile, yesterday’s larger than expected December trade surplus took the 2024 surplus to a record $18.9bn, aided by the recovery of agricultural exports from a severe drought and lower imports.
  • In Q4, exports rose by 31.7% y/y, while imports increased by 7.5% y/y, the first gain in nine quarters. Itaú expects a smaller $12bn surplus this year, driven by lower commodity prices and stronger imports, consistent with a recovery in economic activity. However, they note that the recent lack of rain at a critical time for the harvest poses risks of a possible drought.
  • In other news, YPF has signed an accord with Indian state-owned companies for exploring LNG sales and to cooperate in oil and gas exploration and lithium mining, according to Chairman Horacio Daniel Marin. After meeting India’s Oil Minister Hardeep Singh Puri, Marin said he is keen to sell 10mn tonnes a year of LNG to India, out of the 30mn tonnes expected production.
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  • President Milei will leave the US later to travel to Switzerland to participate in the World Economic Forum meeting in Davos. Data wise, attention turns to November economic activity on Thursday, where analysts see the economy growing by a further 0.5% m/m. Meanwhile, yesterday’s larger than expected December trade surplus took the 2024 surplus to a record $18.9bn, aided by the recovery of agricultural exports from a severe drought and lower imports.
  • In Q4, exports rose by 31.7% y/y, while imports increased by 7.5% y/y, the first gain in nine quarters. Itaú expects a smaller $12bn surplus this year, driven by lower commodity prices and stronger imports, consistent with a recovery in economic activity. However, they note that the recent lack of rain at a critical time for the harvest poses risks of a possible drought.
  • In other news, YPF has signed an accord with Indian state-owned companies for exploring LNG sales and to cooperate in oil and gas exploration and lithium mining, according to Chairman Horacio Daniel Marin. After meeting India’s Oil Minister Hardeep Singh Puri, Marin said he is keen to sell 10mn tonnes a year of LNG to India, out of the 30mn tonnes expected production.