Milei Scores Major Election Win In Argentina
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The Argentine peso rose around 9% against the U.S. dollar, on track for the biggest move in more than two decades, according to Dow Jones Market Data. A U.S. dollar-denominated government bond maturing in 2046 rose by 11 cents to trade at 66 cents on the dollar, according to Tradeweb data. Argentina’s benchmark stock index rose 17%.
Wall Street has bet repeatedly that Argentina would break its cycle of fiscal crises, only to end up regretting it. The country’s election results revived hopes that this time might be different.