Argentina’s S&P Merval index climbed 1.08% to 3,061,512 points on Friday, September 18, 2026, even as the nation’s economy contracted and unemployment surged. The broader S&P BYMA general index also saw gains, rising 0.67% during the session. This market advance occurred while the country’s second-quarter economy shrank by 0.6% from the previous quarter, a clear sign of economic stagnation for the working class.
Unemployment rose to 7.9% in the second quarter, marking its highest level since 2021. This translates to approximately 1.8 million people without work. Beyond official unemployment figures, 10.2 million people, or about 45% of the workforce, were engaged in informal employment, highlighting the precarious conditions faced by a significant portion of the population.
The State's Hand in Wealth Protection
Amidst these economic struggles for the majority, the state moved to further shield accumulated wealth. The Senate converted the second inocencia fiscal bill into law with 44 votes to 23. This legislation raises the threshold at which the tax agency may question undeclared holdings, offering a significant concession to those with hidden assets. The benefits of this law are set to expire on December 31, 2027.
A separate biofuels bill also advanced, winning first-chamber approval by 41 votes to 25. It now proceeds to the Chamber of Deputies. These legislative actions underscore the state's role in facilitating capital accumulation and protecting existing wealth structures.
Profits at the People's Expense
Despite the domestic economic contraction, Argentina’s external account and fiscal surplus demonstrated the nation’s capacity to run both simultaneously. However, this achievement came at the explicit cost of domestic demand, a direct impact on the purchasing power and living standards of the working class. August trade figures were forecast near US$2.055 billion, following a July surplus of US$2.115 billion.
Specific corporate entities saw substantial gains on the day. Satellogic shares rose 11.3%, Cresud increased by 6.3%, IRSA gained 5.6%, and Central Puerto climbed 5.5%. Property and agriculture sectors led these market increases, indicating where capital found its most fertile ground for surplus extraction. Energy names, however, were a weak spot, with Vista Energy falling 1.1% and YPF declining 0.5%.
Regionally, every major Latin American index posted gains on the day, with Chile’s IPSA up 1.30%, Mexico’s IPC rising 0.58%, and Brazil’s Ibovespa advancing 0.24%. Argentina’s market gain was the second largest in the region after Chile’s. The Argentine peso remained relatively steady, easing 0.18% against a dollar that barely moved on the global index, further stabilizing conditions for capital flows.