Argentina’s Bonds, Stocks, Currency Rally After Milei Victory

Argentina’s stocks, bonds and currency surged Monday after the country’s midterm elections delivered a surprising mandate for President Javier Milei to press ahead with his free-market economic overhauls.

The Argentine peso rose around 9% against the U.S. dollar in midmorning trading, the most in more than two decades. A U.S. dollar-denominated government bond maturing in 2046 rose by 11 cents to trade at 66 cents on the dollar, according to Tradeweb data. Argentina’s benchmark stock index, the Merval, was up 17% as bank stocks soared.