Argentina's peso dropped again on Tuesday as market turmoil spilled into a ...
BUENOS AIRES - Argentina’s peso dropped again on Tuesday as market turmoil spilled into a second day following opposition candidate Alberto Fernandez’s landslide victory in a primary election that dealt a severe blow to President Mauricio Macri’s re-election chances.
In an interview Monday, Fernandez said he was willing to collaborate with the current government after his primary triumph on Sunday sent the peso, stocks and bonds reeling. While government bonds and stocks showed signs of a stabilization on Tuesday, other data hinted that Argentina’s economy would not bounce back quickly.The cost of insuring against an Argentine sovereign default jumped again on Tuesday, according to data from HIS Markit. Markit’s calculations price the probability of a sovereign default within the next five years at more than 72%.
Monday’s crash in the peso unnerved emerging market investors, with markets already jittery over the Sino-US trade war.
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