Argentine stocks, Peso, and bonds experienced a drastic crash on Monday following president Mauricio Macri’s unexpected loss in a primary election amidst public dissent against Macri’s economic policies and the country’s deep recession during his tenure.
Argentine Peso tumbled by 30.3% to 65 per U.S. dollar, while the country’s sovereign century bonds plunged by the most since they were first sold in 2017, per a Bloomberg report. Additionally, Argentina’s major stock exchange also dropped by 11% shortly after the trading opened. It continued to sink throughout the day and now stands at an approximately 33% dip.
Macri, the pro-business leader, was defeated by leftist president Alberto Fernández and vice president candidate Cristina Fernández de Kirchner. Macri has been troubled by Argentinians' declining faith in the country's inflated economy under his rule. His loss in the primary election by a surprising 16% dims his perspective to win the final election in October's presidential election.