The Trader 

Market Outlook: Don’t cry for me (again) Argentina

The Trader

The first round of Argentina’s presidential election round, the final due in October, saw incumbent pro-business Mauricio Macri get just 32 per cent of the vote and Peronist Fernandez and his running mate Christina Kirchner grab nearly 50 per cent. Needless to say, the first thing to go yesterday was the currency, the peso shedding a cool 25 per cent of its value; then stocks, admittedly from close to record highs, were slashed by up to 40 per cent. The 100-year US dollar bonds they had managed to flog just two years ago suffered badly, also unsurprising thanks to their duration. Separately, in a recent poll on attitudes to international trade and globalisation, Argentines were at the bottom of the pile feeling it had a detrimental effect on their lifestyle and well-being.

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