Argentina's black market peso slides as libertarian candidate wins presidential election

Argentina's black market peso fell by almost 10% to over 1,000 per dollar after the country's presidential election was won by a libertarian who favours dollarisation. The local SP Merval stock index was up 20%, led by a near 40% surge in the shares of state energy firm YPF, catching up with a sharp rise in its US-listed stock which had traded a day earlier, on hints by the new president he could privatise the company. Milei's dollar plans put pressure on the embattled peso currency, which is held in check by strict capital controls. International bonds were climbing on Tuesday for a second straight day, marking gains of as much as 0.6 cents with issues being bid between 29-34 cents.