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Argentina’s markets are in the spotlight after the Sunday vote, which handed an outright victory to the left-wing Frente de Todos, who now face the daunting task of righting the country’s economy and stabilizing markets.
Argentina’s national currency closed stronger and its black market counterpart reversed course after hitting a record low in a day of tempered market reaction on the heels of victory by presidential candidate Alberto Fernandez in Sunday’s election.
Treasury Minister Hernan Lacunza said the center-left Fernandez and now former president Mauricio Macri had a “good dialogue” on Monday in a meeting at Casa Rosada initiated by him to discuss the new government’s transition to power, a move that may have helped calm investors’ nerves.
Lacunza also said in the afternoon press conference that October inflation would be lower than the 5.9% of September.
Argentina’s markets are in the spotlight after the Sunday vote, which handed an outright victory two the left-wing Frente de Todos, who now face the daunting task of righting the country’s economy and stabilizing markets.
Investors are waiting for Fernandez and his vice-presidential running mate, the popular former President Cristina Fernandez de Kirchner, to detail their plans for Latin America’s No. 3 economy and their stance with creditors and the IMF.
Gabriel Torres, a senior sovereign analyst at Moody’s, said the country faces “substantial credit challenges,” including the need to restructure public debt and address fiscal imbalances with limited funding options.