Panic selling has hit some Argentina securities and derivatives as investors rethink Mauricio Macri's future.
Investors are fast losing confidence in Argentina’s President Mauricio Macri and his International Monetary Fund program to rescue an economy in dire straits. Investors are dumping Argentina bonds now that it looks even more certain that the man who brought the International Monetary Fund back to Buenos Aires is six months away from losing the presidency.
The Global X Argentina exchange-traded fund was down 2.25%, starting to chip away at the fund’s gains on the year. Over the last four weeks, since some polls have shown Macri losing to Cristina Kirchner, the fund is down 8.98%. The peso shed another 6.55% over the same period. One week later, after digesting what’s been happening in Buenos Aires, investors decided to take some money off the table in hopes that Macri and his economic team can get their act together. If they do, speculators who are buying on the declines will be greatly rewarded.The Argentina 2024 bond fell over 7.5% on Thursday as investors rethink Macri’s future as president.
“I think they will default again,” says Luis Maizel, senior managing director of LM Capital Group, a $4.5 billion wealth management firm in San Diego. “If he cannot rein in inflation, Macri's reelection bid is at risk,” says Fiona Mackie, Latin America regional director for The Economist Intelligence Unit.
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