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President-Elect Intends To Balance Fiscal Accounts In 2024

ARGENTINA
  • Valor reported that Argentina’s President-elect Javier Milei met Tuesday with outgoing President Alberto Fernández before the markets opened to begin the political transition. At the meeting, they defined rules of coexistence and economic measures until the date of the inauguration on December 10th.
    • “It was a cordial and productive conversation. We dealt with our differences politely,” said Mr. Milei.
  • The president-elect later promised in a radio interview Tuesday he’d implement shock therapy to balance fiscal accounts next year and avoid hyperinflation. Separately, A US judge agreed to temporarily delay enforcement of a $16.1 billion court judgment against Argentina over its 2012 expropriation of oil company YPF SA while the South American nation pursues a court appeal.
  • Later in Wednesday’s session, Indec will publish the monthly economic activity index for September, which is expected to decline from the prior reading. Data is due at 1900GMT/1400ET:
    • September Economic Activity Index YoY, est. -0.7%, prior 0.3%; MoM est. -0.5%, prior 1.3%
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