YPF - Argentina Equities Show Mixed Action After Presidential Election Leaves Far-Right Candidate Gasping For Air | Benzinga
Argentina's horizons appear more muddled than ever after Sunday’s general election.
Yet stocks tied to South America’s second-largest economy have had a very positive year and are proving surprisingly resilient to the country's hallmark political instability.
What Happened In Argentina’s Election: A general election on Sunday left the stage divided between far-right libertarian Javier Milei and progressive centrist Sergio Massa, as polls closed without any candidate achieving the necessary votes to become president in the first round.
A November runoff between the two will define who will head the country's executive power for the next four years.
Milei, an outsider economist who rose to fame in recent years with ideas of economic libertarianism, an eccentric personality and criticism of the country's "political caste," had won the most votes in an August primary election, but came in second to Economy Minister Massa on Sunday.
The results break the balance of power between the two main coalitions that had been disputing power for the last two decades. Patricia Bullrich, heading the pro-market opposition coalition "Juntos Por El Cambio," a political child of former President Mauricio Macri, came in third, disqualifying her from the presidential race.
Milei could harness a percentage of Bullrich's voters, as the two have certain campaign elements in common.
The Economic Backdrop In Argentina: What's at stake in the November runoff? Two very contrasting economic and political models for a country battered with three-digit inflation and rising poverty rates.
Massa represents the the latest rebranding of Peronism, an ideology centered around the three governments of 20th century political hero Juan Domingo Perón. In its latest iteration, Peronism has held power for 16 of the last 20 years.
After a lifelong career in politics, 51-year-old Massa became a top man in the cabinet of current President Alberto Fernández, and the unspoken choice of Vice President Cristina Fernández de Kirchner, who held the presidency between 2008 and 2016, following the rule of her late husband Nestor Kirchner.
The Kirchners became central to Argentina's political scene after their first two terms managed to lift the country out of the ...