Wall Street is preparing for Argentina’s presidential election to come down to a November run-off after libertarian outsider Javier Milei won surprisingly strong support in a primary vote.
The nation’s already-distressed foreign bonds plunged Monday after Milei, who is running on a platform of dollarizing the economy and “burning down” the central bank, captured about a third of votes cast in the primary election on Sunday.
The nation’s sovereign bonds present an attractive opportunity because valuations are depressed, they’re correlated to commodity prices and there’s potential for a regime change despite Milei’s unexpected PASO win “At this stage, it is not certain whether authorities are able to keep the FX at the new level, but with IMF money it stands as a possibility”“The worst case scenario of a Massa victory continues to look unlikely, the moderate center-right opposition would still be favored in a second round”
In the case of a runoff between Milei and Massa, Rojas expects Milei to be the favorite, likely attracting voters of Horacio Rodriguez Larreta and Patricia Bullrich“The surprising win of Javier Milei in primary elections has increased political uncertainty instead of reducing it”“Participation was particularly low, at 70%, and it is unclear how a likely increase in participation would affect each party”“This vote is likely to go to a second round, but the key will be how much turnout...
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The World's Most Famous Dogs This Week All Belong to Javier MileiAlmost nothing is taboo for Javier Milei: Ask him about Argentina’s central bank, and he’ll say it’s “the worst garbage that exists on this Earth.” China? It’s an “assassin.” The sale of guns and organs? They should be legalized.
Read more »
Wall Street’s Most Hated 3 Letters Prove Too Risky to Ignore(Bloomberg) -- As the label “ESG” ends up among the most hated on Wall Street, the financial cost of ignoring it is making headlines.Most Read from BloombergFed Saw ‘Significant’ Inflation Risk That May Merit More HikesGoldman CEO’s Most Loyal Deputy Is Tested by Mutinous PartnersChina Shadow Bank Misses Dozens of Payments as Risks GrowHigh-Potency Pot Market Worth Billions Draws Regulator ScrutinyStocks, Bonds Fall as Rate Hikes Left on the Table: Markets WrapIn just the past few weeks, a strin
Read more »
Stock market today: Wall Street rises in early trading, though bond yields remain highNEW YORK (AP) — Stocks are opening slightly higher on Wall Street following some encouraging profit reports from big companies. The S&P 500 was up 0.3% early Thursday, trimming its slump for August.
Read more »
Stock market today: Wall Street slumps again as higher bond yields keep bitingNEW YORK (AP) — Wall Street fell for a third straight day as rising yields in the bond market keep cranking up the pressure. The S&P 500 lost 0.8% Thursday, with August on track to be its worst month of the year by far.
Read more »
The close: TSX drops the most in 10 months as inflation data spooks investorsWall Street, oil slide as investors eye rates, China economy
Read more »
Stock market today: Global shares sink after Fed notes dent hopes of rate hikes endingBEIJING (AP) — Global stocks followed Wall Street lower Thursday after notes from a U.S. Federal Reserve meeting dented hopes interest rate hikes are finished. London, Hong Kong, Paris and Seoul declined. Shanghai and Wall Street futures advanced. Oil prices rose. Wall Street's benchmark S&P 500 lost 0.8% on Wednesday after minutes from the Fed's latest meeting suggested board members are unsure what to do after raising their key lending rate to a two-decade high. Traders had hoped the board wou
Read more »