Argentina Markets Rally on Libertarian Milei's Election Win and Pro-Business Agenda
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Argentina's black market peso slid 10% after libertarian Javier Milei won the presidential election. He wants to ditch the peso and dollarize the economy.
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Argentina's stock market surged over 20% with YPF shares up 40%, catching up with rises in U.S.-listed shares. Milei hinted at privatizing YPF.
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International bonds climbed for a second day on hopes of tighter economic policies under Milei. The peso is seen as overvalued and a key factor in Argentina's economic problems.
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Cryptocurrency markets offered a way to trade the peso, with 1 tether reaching 960 pesos on Binance after hitting 1,120 on Sunday.
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Pre-market data showed U.S.-listed Argentine bank stocks continuing to rally after jumps of 17-24% on Monday. Milei didn't mention "dollarization" in his first speech.