Posted 11/21/2023, 11:24:21 AM
Milei's Election Win Spurs Investor Optimism and Currency Volatility in Argentina
- Argentina's black market peso fell 12% to 1,045 per dollar after libertarian Javier Milei won the presidential election
- The local stock market index surged 23% on hopes Milei will pursue more market-friendly policies
- Milei has hinted at privatizing state energy firm YPF, whose shares jumped 39%
- Milei's plans to potentially dollarize the economy or devalue the peso sharply put pressure on the currency
- International bonds rose for a second day as investors welcomed prospects of economic shock therapy under Milei