Group 1 - International silver is currently trading below $48.31, with a decline of 1.61% from the opening price of $48.87 per ounce, indicating a bearish short-term trend [1] - The highest price reached was $48.99, while the lowest was $48.06, suggesting volatility within the trading session [1] - The silver market is showing signs of a potential downward movement, with key resistance levels identified at $49.5 to $50, and support levels at $46 to $45 [5] Group 2 - The U.S. September CPI report is anticipated to show an overall CPI year-on-year increase to 3.1%, marking a 16-month high, with core CPI also expected to remain at 3.1% [3] - Concerns about inflation are rising due to the ongoing impact of tariff policies from the Trump administration, which are affecting price levels [3] - The upcoming CPI report is crucial for assessing the Federal Reserve's monetary policy direction, especially in light of potential inflationary pressures [3][4]

Core Viewpoint - The Federal Reserve has adopted a more dovish stance amid a deteriorating job market, while remaining highly sensitive to inflation fluctuations [1] Group 1: Economic Indicators - The ongoing price pressures from tariffs and immigration policies are complicating the anti-inflation trend [1] - There is a potential risk of increased volatility if inflation unexpectedly rises, given that stock and corporate credit valuations are perceived to be high [1]

Financial Data and Key Metrics Changes - BBVA Argentina's inflation-adjusted net income for Q2 2025 was ARS 59.6 billion, a decrease of 31.1% quarter over quarter, resulting in a quarterly ROE of 7.6% and a quarterly ROA of 1.2% [9][10] - Net interest income increased by 3.1% quarter over quarter to ARS 591.8 billion, driven by higher income from loans [11] - Total operating expenses decreased by 7.5% quarter over quarter to ARS 483.1 billion, with personnel benefit costs accounting for 29% of this total [13][14] Business Line Data and Key Metrics Changes - Private sector loans totaled ARS 11.3 trillion, increasing 15.7% quarter over quarter, with significant growth in overdrafts (34.6%) and other loans (26.9%) [15][16] - Net fee income decreased by 11.1% quarter over quarter to ARS 94.1 billion, primarily due to a drop in credit card fees [12] - Loan loss allowances increased by 42.3%, reflecting the real growth of the loan book and a rise in nonperforming loans [13] Market Data and Key Metrics Changes - BBVA Argentina's market share of total private loans rose by 107 basis points from 10.54% in June 2024 to 11.61% in June 2025 [7][17] - The bank's market share of total private deposits reached 9.64%, up from 7.5% a year ago [8][19] - Private nonfinancial sector deposits in pesos increased by 11% quarter over quarter, driven by a 34.8% rise in time deposits [20] Company Strategy and Development Direction - The company aims to maintain a growth rate of around 50% in real terms for the year, focusing on credit growth despite a more complicated scenario regarding nonperforming loans [30][32] - BBVA Argentina is committed to increasing its market share while managing liquidity and capital effectively [34][36] - The bank's strategy includes a shift towards more corporate loans while still maintaining a presence in retail lending [40] Management's Comments on Operating Environment and Future Outlook - Management noted a significant disinflationary trend and projected GDP growth of 5.5% year over year for 2025, reversing the previous year's decline [5][6] - The management expressed confidence in sustaining growth and profitability despite potential challenges in the economic environment [30][32] - The bank is optimistic about the impact of regulatory changes on cross-border credit flows and investments [6] Other Important Information - The capital ratio reached 18.4%, with expectations to finish the year around 17% due to dividend payments and credit activity growth [21][22] - The bank's liquidity position remains strong, with liquid assets increasing by 14.7% quarter over quarter [23] Q&A Session Summary Question: Updates on guidance and sustainability of market share growth - Management maintains guidance for 50% real growth and low double-digit ROEs, with a focus on deposit growth [30][31] Question: Shift towards more corporate loans due to NPLs - Management indicated a potential shift towards more credit cards and commercial loans while still growing in retail [40] Question: Impact of high real rates on loan demand - High interest rates are affecting loan demand, particularly in the commercial segment, but management remains confident in achieving yearly targets [51][52] Question: Expectations for fees and commissions - Year-over-year growth in fees and commissions is strong, with plans to improve performance in this area despite a quarter-over-quarter drop [54]

Core Insights - The rise in core inflation in the Eurozone for April should not alarm European Central Bank (ECB) policymakers as it is considered temporary, primarily driven by the service sector [1] - The core inflation rate increased from 2.4% to 2.7%, while service sector inflation rose from 3.5% to 3.9%, influenced partly by the timing of Easter [1] - A decline in oil prices and a stronger euro are expected to reduce energy inflation, leading to lower production input and import costs [1] - The impact on demand is anticipated to lower core inflation and accelerate the slowdown in wage growth [1] - This deflationary trend suggests that the ECB may consider lowering interest rates in the June meeting and then maintain rates steady [1]