- Home
- Argentina: election surprise amplifies market and political risks
Argentina: election surprise amplifies market and political risks
Friday 23 August 2019
Market News
- Argentina’s primary elections: Opposition candidate Alberto Fernandez won by larger-than-expected margin against President Macri. At this point, markets price in Fernandez’s victory in October elections.
- Investment views on Argentina: The primary vote outcome was a negative surprise for the market. Argentine assets collapsed after Macri’s defeat. Argentina’s stock market index (the Merval index) fell by 48% in USD terms on Monday – the second biggest single-day fall of any stock market in the world, ever. Recent events, threatening the reform path and increasing the risk of debt restructuring, should lead investors to reconsider Argentina’s investment case. We have become much more cautious on the external debt, while we confirm our conviction that local currency debt is unattractive from a risk/return perspective.
Other news
Weekly Market Directions 15th April 2024
GIV Infographic - April 2024
Global Investment Views.
Weekly Market Directions 8th April 2024
(Week 1st April - 5th April)In this edition of Amundi's Weekly Market Directions: Rotations at play in equity markets In a strong start to the year, equity markets showed signs of rotation in favour of Europe and Japan. European equities may benefit from their valuation appeal, while Japan from the domestic investor demand. During the week, tensions in the Middle East pushed oil to the highest level since October. Download the Weekly Market Directions (EN)