Aurelia Butler

The primary fiscal surplus stood at 264.9 billion pesos ($299.0 million) in April, down from the 625.0 billion pesos seen in March, but marking the fourth straight month in positive territory after years of regular deficits. The government of President Milei, a libertarian economist, also achieved a first-quarter primary fiscal surplus of 275 billion pesos, the first of its kind in 16 years.The country’s financial surplus, a figure that includes interest payments, reached 17.4 billion pesos ($19.6 million) in April, a drop from the 276.6 billion pesos of March.Milei took office in December, after riding a wave of voter frustration over an extended economic crisis that has hit Argentine wallets with a steadily growing inflation rate that currently stands at nearly 290%. Milei says decades of government overspending is the main culprit for the country’s triple-digit inflation. He has pledged to achieve a budget balance this year and a primary surplus. The president has pushed austerity, despite a steep cost to economic activity, and looked to curb liquidity in the market, a campaign that has been well received by investors and major backer, the International Monetary Fund (IMF). ($1 = 886.0000 Argentine pesos) More

Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

Standard DigitalWeekend Print + Standard Digitalwasnow $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

While acknowledging that the Fed isn’t yet there on its goal to bring inflation down to 2%, Bostic said that his current outlook is for an ongoing fall in inflation, which would make appropriate to cut rates later in the year, but cautioned that nothing is locked in.The remarks arrive a day after a the consumer price index data for April, showed that inflation slowed more than expected, with the Atlanta Fed president flagging slowing shelter inflation as a major development. Bostic did caution, however, that that one data point is not a trend, and said there were “a number of different scenarios” that could yet play out on the inflation front. Bostic has been one of the most vocal Fed members expressing doubt on the need for multiple rate cuts in the wake of inflation still running above the central bank’s target. Recent market consensus have finally caught up with his view as bets on multiple rate cuts seen earlier this year have been pared back to just two — with September now expected to be the start of the cutting cycle.  That is still fewer than than the three cuts for 2024 that Fed members had projected at the March meeting. A fresh set of FOMC economic projections are expected next month.   More

The company attributed its revenue growth to a higher volume of sugarcane crushed, leading to increased sugar production and sales at robust prices, along with a rise in average selling prices in the Rice segment. Despite the positive revenue trend, adjusted net income for the first quarter was $23.3 million, marking a 40.1% decline from the previous year. This decrease was partly due to a loss in the mark-to-market of biological assets influenced by lower sugar prices.Adecoagro’s adjusted EBITDA for the quarter stood at $90.1 million, a slight 1.1% improvement from the first quarter of the previous year. This was primarily driven by the strong performance of all three segments of the company’s Farming business, which offset a 32% decline in the Sugar, Ethanol & Energy business’s adjusted EBITDA due to lower sugar prices and higher freight costs.The company’s net debt saw a significant reduction, down 23.0% YoY, with the net debt to LTM adjusted EBITDA ratio reaching 1.3x, a reduction from the 1.9x reported in the first quarter of the previous year.In their remarks, Adecoagro’s management highlighted the shareholder distribution approved at the Annual Shareholder Meeting held on April 17th, with a cash dividend distribution of $35 million to be paid in two installments. Additionally, the company has invested $26.6 million in repurchasing shares under its existing buyback program.A recent transaction in April 2024 saw the sale of La Pecuaria farm in Uruguay, which generated an adjusted EBITDA of $15.3 million, to be recorded in the second quarter.CFO Emilio Gnecco commented on the results, “Our first-quarter performance reflects the strength of our diversified portfolio and the resilience of our business model. Despite market challenges, we remain committed to delivering value to our shareholders and investing in sustainable growth.”This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The state of the U.S. economy looms as one of the larger factors weighing on the Democratic president’s bid for reelection. Persistently high prices have hindered Biden’s efforts to win credit from voters for his handling of the economy, although inflation in recent months has been easing.”Good one, Donald,” Biden said in a post on X hours after the blue-chip index made its gains. In an accompanying video, a split screen shows Donald Trump campaigning in the 2020 presidential election he lost to the Democrat. “If Biden wins, you’re going to have a stock market collapse the likes of which you’ve never had,” Trump says in the video clip. The top half of the screen shows the year 2024 and images of Biden and Vice President Kamala Harris, with commentary from an array of business television newscasters on the 40,000 breach.”The Dow 30 broke 40,000 for the first time in history,” one broadcaster says.”Look at that market!” exclaims a second.”We see earnings increasing for the second quarter. We see record earnings estimates for the third and fourth quarter and that’s what really impresses me,” another intones. The video ends with Fox Business Network’s Stuart Varney saying, “I’ve been doing this a long time. I never expected the Dow to hit 40,000.” The Trump campaign did not immediately respond to a request for comment.Biden has struggled to convince voters of the efficacy of his economic policies despite a backdrop of low unemployment and above-trend economic growth. A Reuters/Ipsos poll last month showed Trump had a 7 percentage-point edge over Biden on the economy. More