Argentina’s stock, bond and currency markets surged Monday after a decisive victory by a MAGA ally of US President Donald Trump — and a $20 billion lifeline from the United States.
President Javier Milei’s win is a victory for Trump — and potentially for the US taxpayers funding that rescue of one of South America’s biggest economies.
Argentina’s benchmark Merval stock index soared 22%, while government bonds rallied sharply, pushing yields lower. The Argentine peso surged as much as 10% against the US dollar before paring gains.
Milei’s party, La Libertad Avanza, secured better-than-expected victories in midterm legislative elections on Sunday.
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