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Pressure ramping up on Argentina...>

EMERGING MARKETS
EMERGING MARKETS: Pressure ramping up on Argentina here. Following our earlier
bullet, the benchmark Merval equity index is now down 4.6% on the day, with
USDARS dropping 5.3%. 
- This is after a hefty 975bps in cumulative policy rate hikes since last
Wednesday.
- Momentum is building behind a negative EM narrative. 

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