2,767,663S&P Merval · Fri Oct. 2 close · +0.32%

DailyDrop.

ARS 1,520USD/ARS wholesale · Fri Oct. 2 close · −0.30%
S&P Merval2,767,663.00▲0.32%10/2USD/ARS1,520.00▼0.30%10/2S&P 5007,722.72▲0.73%10/2WTI$91.11▼1.90%10/2Gold$4,162.30▼1.00%10/2
Society · ChurchPress ✓ 4 outlets · attendance per Infobae estimate

A crowd completed the Pilgrimage to Luján, and Archbishop García Cuerva spoke of “pending embraces” a month before Pope Leo XIV’s visit

The 52nd Youth Pilgrimage ended on Sunday at the Basilica. With poverty at 32.3% in the first half, the Church expects the Pope to find “a wounded Argentina,” and relations with the Government remain tense.

The 52nd Youth Pilgrimage to Luján took place on Saturday, October 3, and Sunday, October 4. It set out from the San Cayetano church in Liniers and covered about 60 kilometers to the Basilica, according to Infobae and Ámbito. It rained and the temperature dropped on Saturday, but the sun came out on Sunday. Infobae estimated that more than two million people took part; the Church had anticipated a figure similar to last year’s, which its archbishop put at more than one million. DailyDrop found no official count from the Shrine, so the figure is attributed to that estimate.

The Archbishop of Buenos Aires, Jorge García Cuerva, presided over the main Mass and said the country is accumulating “pending embraces.” He called for an end to the “wounds of disparagement” and to violence, according to Infobae and Perfil. Days earlier he had warned that Pope Leo XIV will find “a wounded Argentina,” in crisis and with many people who are “very poor,” according to Infobae and La Nación. He cited the Indec figure of 32.3% poverty in the first half, about 15.4 million people, with 7.5% in extreme poverty.

The Pope would visit the country between November 8 and 11, stopping in Buenos Aires, Córdoba and Luján, according to La Nación and Perfil. Infobae reported that the Government has built up discontent with the archbishop, with disagreements over the Land Law, the disability emergency, the rise in poverty and the use of social media. The Casa Rosada separates that tension from its relationship with the Church. No complete official agenda has been published yet.

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By the numbers
2 million+people who reportedly took part, per Infobae estimate
32.3%poverty in the first half of 2026, per Indec
Nov. 8–11planned dates of Pope Leo XIV’s visit
Markets · ArgentinaPress ✓ 4 outlets · close per El Cronista, Infobae, Ámbito and Bloomberg Línea

Country risk closed Friday at 655 points, a ten-month high; the S&P Merval rose 0.32% and the wholesale dollar ended at ARS 1,520

Country risk rose 19 points on Friday, October 2, or 2.99%, to 655 basis points, according to El Cronista and Infobae, its highest level in about ten months. Dollar-denominated sovereign bonds hit lows not seen since the elections, according to Puente’s research team as cited by Cronista. The S&P Merval traded in the red for much of the session but closed up 0.32%, at 2,767,663 points (Cronista, Bloomberg Línea).

The wholesale dollar closed at ARS 1,520, about ARS 4.50 less than on Thursday, according to Ámbito and Infobae; Ámbito recorded ARS 1,522 in another story. The Central Bank bought US$35 million that day and US$369 million over the week, the largest amount since July, and gross reserves rose US$364 million, to US$48,653 million. DailyDrop could not confirm the exact origin of the selling pressure on bonds, which Cronista attributes to global risk aversion.

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Word of the day
Country riskMarkets

Indicator from JP Morgan that measures the premium paid by Argentine dollar bonds over those of the U.S. Treasury, in basis points.


Politics · CongressPress ✓ 4 outlets · agenda per Infobae, La Nación and Perfil

After Paris, the Government moves from gestures to votes: it will negotiate the 2027 Budget and the PASO primaries “one by one” with governors

Javier Milei traveled to France for Argentina Week with 13 allied governors, according to Infobae and Perfil. The six opposition Peronist governors did not go. La Nación described the talk as brief and informal and wrote that the gestures now have to be turned into votes in Congress. After the trip, Chief of Cabinet Diego Santilli will seek agreements with each province, focused on the 2027 Budget and the political reform that includes eliminating the PASO, according to Infobae.

The Government has no majority of its own and faces a tougher opposition. El Cronista reported that the Supreme Court sped up the Land Law case, which may reopen the debate on limits to sales to foreigners. Infobae speaks of a “fragmented” Government with friction between the political team and Economy. DailyDrop saw neither a closed calendar of sessions nor the votes counted, so the outcome is uncertain.

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World · BrazilPress ✓ 5 outlets · percentages per Ámbito, El Cronista and La Nación

Flávio Bolsonaro won Brazil’s first round with 47.03% to Lula’s 45.16%, and the race will be decided in a runoff on October 25

Senator Flávio Bolsonaro came first in Sunday’s presidential first round, on October 4, with 47.03% of valid votes against 45.16% for Luiz Inácio Lula da Silva, according to Ámbito and El Cronista. Neither reached 50%, so both will go to a runoff on October 25, La Nación reported. The media speak of a surprise, because earlier polls pointed to a different scenario. At one point in the count, Infobae and EFE published a somewhat larger gap, 47.31% to 44.83%, so the final percentages may vary by a few tenths.

Javier Milei backed Bolsonaro on social media before the results and congratulated him afterward. On X he wrote: “Congratulations dear friend Flavio Bolsonaro, on this historic election against the communist Lula,” according to Ámbito and Infobae. Ámbito added that he anticipated an alliance between the two countries. Brazil is Argentina’s main trading partner and a change of government there would affect Mercosur, the trade balance and the mood in the markets. DailyDrop has not yet seen an official reaction from Brasília or market data after the result.

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World · EconomyPress ✓ 4 outlets · figures per BLS, via Telemundo, Yucatán and UnoTV

The United States created just 29,000 jobs in September and unemployment rose to 4.2%; the S&P 500 closed at 7,722.72

The U.S. economy added 29,000 jobs in September, versus 133,000 in August, and the unemployment rate went from 4.1% to 4.2%, according to the Bureau of Labor Statistics report cited by Telemundo, Yucatán and UnoTV. Analysts had expected between about 84,000 and 90,000. The July and August figures were revised down by 60,000 jobs combined. Reuters said yields on Treasury bonds fell after the report.

On Wall Street, the S&P 500 closed Friday at 7,722.72, up 0.73%. WTI fell 1.90% to US$91.11 and gold dropped 1.00% to US$4,162.3 an ounce. It matters for Argentina because of interest rates: if the Federal Reserve cuts or slows its hikes, appetite for assets in emerging markets improves. DailyDrop did not find a specific analysis of the impact on local bonds in the Argentine media.

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In brief
  • S&P Merval closed +0.32% at 2,767,663; country risk 655 pointsCronista, Bloomberg Línea
  • Wholesale dollar ARS 1,520 (−ARS 4.50); BCRA bought US$35 millionÁmbito, Infobae
  • Wall Street: S&P 500 7,722.72 (+0.73%) on Fridaymarket data
  • WTI US$91.11 (−1.90%); gold US$4,162.3 (−1.00%)market data
  • Brazil: Flávio Bolsonaro 47.03%, Lula 45.16%; runoff on October 25Ámbito, Cronista
  • Luján Pilgrimage: crowd and message from García CuervaInfobae, Ámbito
  • Milei and the governors: now come the one-on-one negotiationsLa Nación, Infobae
  • Perfil poll: 81% of business leaders expect reelection in 2027Perfil
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Unverified — what we could not confirm

“Country risk hit an all-time record.” It closed at 655 points, a high of about ten months and not an all-time record (Infobae, Cronista).
“81% of Argentines believe Milei will be reelected.” It is the result of a Perfil poll of business leaders at the IDEA Colloquium, taken on paper and not representative (Perfil).
“Iran has already reopened Hormuz.” Qalibaf said on October 4 that it will stay closed until seven conditions are met (Reuters, AFP).

Influencer watch

  • Javier Milei, presidente de la Argentina X · 10/4Milei wrote on X: 'Congratulations, dear friend Flavio Bolsonaro, on this historic election against the communist Lula.'

Statements as posted, not fact-checked.

Glossary · dotted words — economics, law, security and science terms explained in the context of the story. The list grows every day.
INSIDEA crowd completed the Pilgrimage to Luján, and Archbishop García Cuerva spoke of “pending embraces” a month before Pope Leo XIV’s visitSociety · ChurchCountry risk closed Friday at 655 points, a ten-month high; the S&P Merval rose 0.32% and the wholesale dollar ended at ARS 1,520Markets · ArgentinaAfter Paris, the Government moves from gestures to votes: it will negotiate the 2027 Budget and the PASO primaries “one by one” with governorsPolitics · CongressFlávio Bolsonaro won Brazil’s first round with 47.03% to Lula’s 45.16%, and the race will be decided in a runoff on October 25World · BrazilThe United States created just 29,000 jobs in September and unemployment rose to 4.2%; the S&P 500 closed at 7,722.72World · Economy