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On Sunday, August 11th, Argentina’s current president since 2015, Mauricio Macri, lost the Argentine presidential primary election by a much greater margin than expected. This development was a surprise to the markets that sent shockwaves through emerging markets asset classes. Macri’s loss seriously reduces his chances of reelection on October 27th, as this primary election was generally viewed as a referendum on Macri’s austerity measures and reforms. Macri is seeking reelection on a platform that commits to continued austerity if he were to be reelected.
In this newsletter, we explore the impact these developments have had on the markets, potential outcomes, and what to watch for going forward.
The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.
Equity market strength through the third quarter continues to challenge the common expectation going into the year. Cumulatively through September…
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