Argentina July activity drops 2.9%; Milei disputes data, JPMorgan sees Q3 contraction

Argentina's EMAE fell 2.9% in July, a sharper-than-expected drop, prompting President Milei to question the official statistics agency's methodology, citing structural economic changes. JPMorgan projects a Q3 contraction, raising doubts about the pace of recovery under Milei's adjustment program. The dispute over data credibility adds uncertainty to market expectations for Argentina's economic trajectory.