Argentine stocks, bonds and currency soar after president Javier Milei’s mid term
Argentine stocks and currency surged yesterday after president Javier Milei won key mid-term elections.
Markets had been alarmed that Milei’s economic reforms could be thrown into jeopardy if he failed to win enough seats.
But in elections over the weekend, his coalition won 41 per cent of the vote,
bolstering faith in his ability to deliver plans to slash economic red tape and state spending.
The peso – Argentina’s currency – jumped 10 per cent while the main stock market rallied by as much as 23 per cent, its biggest increase since Milei was first elected in November 2023.
Thierry Larose, at Vontobel Asset Management, said: ‘Milei’s victory was so, so much larger than expected.’
Landslide: In elections over the weekend, President Milei’s coalition won 41% of the vote, bolstering faith in his plans to slash economic red tape and state spending
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