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Local Markets Re-Open, Milei To Hold Off On Cabinet Announcements

ARGENTINA
  • Markets in Argentina are reopening following the runoff election vote on Sunday and yesterday’s national holiday. We provided a rundown of analyst views following the outcome yesterday which can be found here.
  • The Global X MSCI Argentina ETF, which offers exposure to a basket of Argentina's most liquid stocks, soared nearly 11.5% on Monday after trading as much as 13.5% higher and hitting its highest level since September. Initial currency moves on Tuesday have seen the Argentine Peso two-month future drop 28% to 853/USD at Rofex.
  • President-Elect Javier Milei said overnight that he will not announce any appointments for his future administration until the day of his inauguration. His office stated, via social media, that President Alberto Fernandez and his Economy Minister Sergio Massa “are constitutionally responsible for the situation of Argentines until Dec. 10”. Milei is expected to meet Fernandez at 9am local time today.
  • Headlines ran this morning noting an incentive to increase trade ahead of the government handover. The new decree says that exporters would be able, until Dec. 10, to exchange half their overseas income via parallel markets which offer exchange rates near 900 per dollar, while half had to be done at the official rate near 350 per dollar.
    • That compares to a previous level of 70% at the official rate and 30% at the preferential parallel rates for exchange dollars back to pesos. Exporters have to bring their overseas income back into Argentina within a set period. (RTRS)
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