(MENAFN- The Rio Times) Argentina's first post-midterm week opened with a cabinet shake-up that set the tone for faster reforms.

Markets kept their post-election tailwind, even as officials signaled a cautious approach to the currency.

Energy headlines dominated: a new LNG alignment around Vaca Muerta and fresh results from YPF.

Inflation watchers looked to next week's CPI print, while agriculture weighed frost and rain risks to a near-record wheat harvest.

Together, the moves sketched a government seeking speed-within political and financial constraints.
1. Cabinet reshuffle launches“phase two” (Nov 1–3)
President Javier Milei formalized a post-election reset: Chief of Staff Guillermo Francos exited, spokesman Manuel Adorni took the chief-of-staff role, and new ministers Diego Santilli (Interior) and Pablo Quirno (Foreign Affairs) joined the table.

The changes aim to tighten political coordination for a heavier reform calendar. Early messaging framed the shuffle as a pivot from campaign to execution.

Summary: Milei rebuilt his front bench to accelerate legislative and regulatory pushes.

Why it matters: Personnel shifts signal priorities-and whether votes for reforms can be mustered.
2. LNG push: YPF, Eni bring in ADNOC's XRG (Nov 4)
At ADIPEC, YPF and Italy's Eni announced a strategic agreement with ADNOC's XRG to advance an Argentina LNG platform tied to Vaca Muerta gas.

The concept centers on modular floating liquefaction near Río Negro with an initial 12 mtpa expandable to 18 mtpa.

Officials cast the move as a path to major export revenue and hard-currency inflows.

Summary: A heavyweight partner deepens the LNG roadmap around Vaca Muerta.

Why it matters: LNG export capacity would anchor reserves and investment cycles beyond the political calendar.
3. YPF prints a Q3 loss on deferred tax (Nov 7)
State-controlled YPF reported a $198 million net loss for Q3, citing a deferred tax charge, with revenue down year-on-year and EBITDA broadly in line.

The release comes amid a strategic refocus toward Vaca Muerta and LNG. Investors will parse capex, divestments, and LNG timing.

Summary: The quarter was dented by tax effects while the strategy stays energy-export centric.

Why it matters: YPF's cash generation and balance-sheet path shape Argentina's broader energy bet.


4. FX strategy: no free float-for now (Nov 6)
Despite investor pressure, Milei signaled he would not immediately free-float the peso, preferring widening bands to manage volatility.

The stance preserves gradualism while reforms advance. It balances disinflation efforts with reserve rebuilding and political buy-in.

Summary: Authorities will steer the peso within bands instead of a sudden free float.

Why it matters: Currency rules define inflation dynamics, debt pricing, and market confidence.
5. Reform slate readied for Congress (Oct 30–Nov 7)
With midterm momentum, the government teed up a second-wave package spanning labor, taxes, and pensions.

Alliances remain necessary to pass enabling laws in a fragmented legislature. Business groups are watching severance, work-hours, and incentive design closely.

Summary: A broader reform agenda is moving from drafting to legislative tactics.

Why it matters: Structural rules will set Argentina's growth and investment ceiling for years.
6. Markets hold post-election gains (Oct 27–Nov 7)
Argentine assets rallied after the vote-bonds climbed, equities surged, and the peso steadied-then consolidated as investors priced reform odds.

The debate shifts from relief to delivery: how quickly can laws pass and reserves rebuild without stoking inflation?

Summary: Post-election relief trades endured, pending policy follow-through.

Why it matters: Market access and lower risk premia hinge on credible, timely execution.
7. Vaca Muerta midstream build-out reiterated (status highlighted this week)
Authorities emphasized the 437-km oil pipeline to Río Negro and VLCC-ready loading plans as the backbone for exports.

Takeaway capacity is the hinge between geology and cash flow. The LNG partnership depends on synchronized pipeline and port milestones.

Summary: Midstream expansion remains essential to turn resources into exports.

Why it matters: Logistics decide whether Argentina can monetize its hydrocarbon endowment at scale.
8. Inflation watch: October CPI due Nov 12
Consensus points to another low-single-digit monthly CPI for October, around 2.0–2.1% m/m, with services still sticky.

The print will test whether currency management and rates can keep real incomes stabilizing into year-end.

Summary: Another moderate CPI is expected, extending disinflation momentum.

Why it matters: Inflation trajectory drives rate policy, wage talks, and reform breathing room.
9. Wheat outlook: strong crop, weather risk (Nov 5–7)
Exchanges flagged a near-record wheat season but warned that late frosts and excess rains could trim yields.

The balance still favors a high-output year barring fresh weather shocks. Robust shipments would support early-2026 export receipts.

Summary: A big harvest is in sight, with weather as the swing factor.

Why it matters: Grain volumes feed export dollars and rural incomes-key to macro stability.
10. Macro backdrop: IMF program frames the runway (context reaffirmed)
The 48-month EFF remains the anchor for fiscal, monetary, and FX rule-making, with targets on reserve rebuild and inflation.

Officials continue to cite program checkpoints as scaffolding for credibility. Meeting reviews will be crucial to maintain market access.

Summary: The IMF program still structures the policy path and milestones.

Why it matters: Program anchors help lower risk premia and improve investment planning.
Bottom Line
A faster-moving executive, disciplined currency stance, and deepening energy partnerships gave the week its shape.

The next leg-turning reform drafts into law and pipes into exports-will decide whether market patience extends into 2026.

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