A dramatic week in Argentina. Chief of Staff Manuel Adorni resigned on Saturday after more than three months under scrutiny over his unexplained wealth — becoming the fourth person to hold the post in just 2.5 years. Meanwhile, the economic data painted a mixed picture: Q1 GDP beat expectations, but unemployment ticked up. MSCI declined to reclassify Argentina, and Economy Minister Luis Caputo secured the dollars for the July bond payment at a rate well below Wall Street.

*Adorni resigns amid wealth scandal — Interior Minister Diego Santilli floated as likely replacement
*Q1 GDP grows 0.7%, beating forecasts — unemployment rises to 7.8%
*MSCI keeps Argentina in Standalone status — reclassification off the table until at least 2027
*Caputo funds the July 9 bond payment at 6.7%, avoiding international markets
*The official dollar jumps 4.5% in June
*Government confidence rises for the first time in 2026
*Knowledge Economy exports surpass US$10 billion for the first time

A landmark week for Argentina's credit story — and we break it all down in under 3 minutes.

📊 In this episode:

*S&P upgrades Argentina to B- — now aligned with Fitch; country risk drops to 8-year low below 440bp
*Eight corporates upgraded: YPF, Pampa Energía, TGS, Telecom Argentina, Genneia, YPF Luz, EDEMSA, Aeropuertos Argentina 2000
*May inflation at 2.1%; core breaks below 2% for the first time
*Vice Minister Daza: "The dollar didn't flatten — it normalized"
*Industry and construction both -2.8% YoY; Argentina last in Americas for hiring expectations
*Delinquency hits 27% — Supervielle CEO sees 3-4 more tough months
*Adorni scandal goes global — FT publishes dedicated piece
*Louis Dreyfus announces US$400M sunflower plant in Bahía Blanca

📰 About the Argentina Brief:

The Argentina Brief includes a weekly X thread and video wrap-up, as well as a monthly English-language podcast covering the most important economic, financial, and business news from Argentina — built for investors, executives, and anyone following the Milei era in real time.

🔗 Follow for more Argentina coverage:*X Thread (full weekly breakdown): https://x.com/ArgentinaBrief/status/2066294994365825177

The weekly Argentina Brief breaks down the biggest economic and financial news from Argentina — in under 3 minutes.

This week:

*Stanley Druckenmiller is back in Argentine stocks. His Duquesne Family Office picked up US$128 million in YPF — now at 20-year highs — plus Vista Energy and the MSCI Argentina ETF. Morgan Stanley, UBS, Goldman Sachs, JPMorgan, and Citi also bought Argentine equities in Q1.

*MSCI upgrade speculation is building. Morgan Stanley estimates Argentina could see US$5 billion in passive inflows if reclassified to emerging market status this month.

*Argentina's capital markets posted their best start to a year since 2015. Companies raised US$6.2 billion in debt issuances through April — dollar bonds drove nearly 90% of the total.

*Swiss trader Mercuria closed its US$1.42 billion acquisition of Shell's downstream assets — the Dock Sud refinery, 894 gas stations, and more.

*Chevron filed a RIGI application for El Trapial, a US$13.8 billion upstream project in Vaca Muerta — the first filed exclusively by a US company. RIGI now totals US$107 billion in committed investment across 38 projects.

*The Central Bank hit its US$10 billion reserve purchase target seven months early, on its 100th consecutive buying session. VP Vladimir Werning said the BCRA has restored its "firepower" ahead of the 2027 elections.

*Foreign Minister Pablo Quirno announced Argentina formally applied to join the Trans-Pacific trade bloc (CPTPP) — 12 countries representing 13% of global GDP.

*The latest REM survey: May inflation expected at 2.3%, breaking below 2% by August. Annual inflation forecast at 30.5% for 2026, 19.9% for 2027. GDP growth at 2.9% this year, 3.1% in 2027 and 2028.

Hosted by Francisco Aldaya, Bureau Chief for Argentina at Bloomberg Línea.