In January, the S&P Merval index ended with a negative balance of 5.79%. On the one hand, local investors are not seeing positive signs of recovery, and on the other, doubts about the progress of the world economy also impacted Argentine operators. Argentine companies listed on Wall Street ended the round with sharp falls, mainly for YPF (-8.3%); French Bank (-5.9%); Ternium (-4.9%); Pampa Energía (-4.8%); and Globant (-4.2%). In the fixed income segment, bonds in dollars under Argentine law yielded 7.5% in January, while foreign law bonds lost 5.1%. Regarding debt in pesos, the greatest increases were for CER securities, which accumulated increases of up to 4.3% in the month. Finally, the country risk rose 5.53%, to 1,448.