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.

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