ADRs in the Wall Street premarket collapse led by YPF due to the change in market expectations.
ADRs plummet in Wall Street after the failure of the Omnibus Law in Congress. The defeat implies a change in expectations in the market that raises doubts about the Government’s ability to make the necessary changes for the economy.
In this scenario, ADRs in the Wall Street premarket collapse led by YPF (-7%), followed by Grupo Financiero Galicia (-4.5%), Vista Oil & Gas (-2.5%), Central Puerto (-1.6%), Banco Macro (-1.1%) and BBVA (-1.13%).
What will happen to the omnibus law from now on
According to the considerations of the Chamber of Deputies, when a project returns to committee it must be treated from scratch. This is determined by the article 155 of the chamber’s regulations: “A project that, after being sanctioned in general, or in general and partially in particular, returns to the Commission, upon consideration by the Chamber again, will be submitted to the ordinary procedure as if it had not received any sanction.”
In this way, the omnibus bill It must be submitted again for debate in the respective committees on Constitutional Affairs, General Legislation, and Budget and Finance.
News in development.-
Source: Ambito
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