Argentinian voters deliver a “steak” to the heart

Aug 13 02:08 2019 Print This Article

Prepared by Jeff Halley, Senior Market Analyst

 

Trade-war induced global slowdown

Global financial markets continued their collective hand-wringing overnight, with worries over the trade-war induced global slowdown becoming a long and drawn out hangover for the street that just won’t go away – no matter how many vitamin C tablets go into the glass of water.

The US dollar was mixed, but gold continued sailing higher, propelled by the gusting safe-haven trade winds. North American stocks bore the brunt of the hangover on a slow data day, with the Dow Jones falling 1.50% and the Nasdaq and S&P 500 both down 1.20%.

We can’t really complain though as someone else is always in a worse spot than you. That prize was won by Argentina, where President Macri was royally trounced in the primary elections overnight (the elections to decide who gets to stand in the elections) by his Peronist rival. Argentina’s Merval stock market index fell 48% in dollar terms, and the Argentinian peso (ARG – or should that read ARGGGGHHH!) dropped 15%, having been down 30% intra-day. Yes folks, you read those numbers right.

Read More

About Article Author

Market Pulse

Established in 2006, MarketPulse is a free news site that provides full-time coverage of the world's largest financial markets, focusing on forex, commodities, and global indices research and analysis. Armed with a global team of securities analysts and strategists, Market Pulse provides timely, accurate, and informative research on major macroeconomic trends, technical analysis, and worldwide events that impact different asset classes and investors.

Related Items

Powell’s Jackson Hole Moment, China Strikes Back, G7 Expectations, Oil slides and Gold shines

Fed Chair Powell did not deliver a memorable moment like Ben Bernanke did when he announced additional QE efforts.  Powell refrained from promising more stimulus and he clearly decided he will wait for the global economic slowdown to worsen before signaling an aggressive easing campaign.  Powell ...

Copper Pipe Is Failing - Don't Get Flooded!

Copper continues to be an indicator of global macro trends. Like a bad movie, the plot keeps getting worse. Below is a chart of the big miners going back to November 2018. There's no magic reason for selecting that date other than it was 200 days ago. Notice how the Australian companies (BHP and ...

China Steals Fed’s Thunder With New Round of Tariffs

The US dollar is lower across the board against major pairs at the end of a volatile Friday. The speech by Fed chair Jerome Powell at Jackson Hole was the main event in the radar before China announced it was escalating its trade war with the US. The dollar was on the back foot, even though the Fed ...

A Wobbly World - Market Review

Another week, another lower close. With four weeks of lower closes, the trend continues to be down. While we have made higher lows the last two weeks, it now appears that the early August low will be tested. One of the defining features of corrections/bear markets is an increase in the average true ...

From Trade War to Currency War?

Fred Imbert of CNBC reports the Dow plummets more than 600 points after Trump orders US manufacturers to leave China:Stocks plunged on Friday after President Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China. Apple led the way lower. The Dow Jones Industri ...

The moment

Elke “Wieselblitz” Vogelsang photo . By coincidence, not design (honest), the last two posts told you not to set your pants on fire, remain calm, go for a tummy rub and be a long-term thinker instead of a timorous chicken. How’s that for mixed images? But you know what I mean. Just chill. Es ...

Prices: A Week in a Day

The pattern has been repeated.  The Federal Reserve, to which he appointed the Chair, and several Governors does not move as quickly as the President wants on monetary policy. He responds by escalating the trade tension, delivering the independent central bank a fait accompli.  Increasing the t ...

Barrick to invest $34 million to extend Veladero’s mine life

Barrick Gold’s (TSX:ABX)(NYSE:GOLD) CEO, Mark Bristow, announced this weekend that the company is planning to invest $34 million in its Veladero operation in western Argentina with the idea of extending the mine’s life until 2028.  googletag.cmd.push(function() {googletag.display('div-gpt-ad-1 ...