Argentine market traders cautiously cheer 'future without Cristina'
BUENOS AIRES/NEW YORK - Argentine traders cheered on Wednesday a court's political ban on populist former President Cristina Fernandez de Kirchner, a powerful but divisive politician who often clashed with investors and creditors.
The country's Supreme Court on Tuesday upheld a ruling against the former president, who was sentenced to six years in prison and banned from holding public office for fraud, rejecting an appeal by the leader of the Peronist opposition.
"All investors fear a return to Kirchnerism. A future without Cristina.... clears the outlook," said Mariano Sardans of local financial firm FDI Gerenciadora de Patrimonios, citing high-spending, interventionist policies under the Peronists.
"The specter that always looms over investors is Kirchnerism and Argentina's falling back into policies of that nature."
Current market-friendly libertarian President Javier Milei has been well received by investors, helping boost equities and bonds since he took office in late 2023, ushering in tough austerity and a "zero deficit" drive.
Legislative elections in October are seen as a test of his popularity. A positive result in those ballots will help ensure the success of some of his investor-friendly reforms.
Fernández, the government's strongest opposition figure, will now be barred from running for a seat she sought in Buenos Aires Province.
Sovereign dollar bonds were trading slightly higher on the day while the benchmark S&P Merval stock index fell over 1% after rising more than 4% on Tuesday.
Other analysts were more cautious, warning about tough economic challenges ahead, including rebuilding foreign exchange reserves.
"The impact on the market will most likely be limited, since the Supreme Court's ruling doesn't solve Argentina's macroeconomic problems," said Roberto Geretto, an economist at local firm Adcap. REUTERS
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