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The Star
19-05-2025
- Business
- The Star
Argentina markets bask in Milei's local election win glow
Argentina's President Javier Milei and his sister Karina Milei embrace onstage at the La Libertad Avanza party headquarters on the day of the legislative elections of the city of Buenos Aires, Argentina, May 18, 2025. REUTERS/Tomas Cuesta BUENOS AIRES (Reuters) -Argentina's markets enjoyed the glow on Monday of a mood-boosting local election win by the party of investor-friendly libertarian President Javier Milei, which analysts said put him in good stead ahead of more important ballots later this year. Milei's party won the most votes in legislative elections in wealthy capital Buenos Aires, beating pollsters' forecasts. The win gives Milei just a few more seats in the city's legislature, but is symbolic of his rising fortunes. "The bulk of the support was all to do with Milei," said Buenos Aires-based political consultant Shila Vilker with Trespuntozero, adding it was a "resounding win" for Milei's brash brand of austerity and deregulation. "It's a confirmation of the course they're on." While Milei is divisive, he has kept voters on his side by bringing down what was triple-digit inflation via tough spending cuts and reducing monetary emissions, moves that have won him plaudits from investors and the International Monetary Fund. The latest vote suggests his political footing remains firm, which markets have cheered - even if the real-life impact of the vote is limited, with his party still holding a minority in the city's legislature after the victory. On Monday, bonds edged up around half a percent, while the S&P Merval stock index was up nearly 2%. "Milei's list wasn't expected to come first, and that has two implications," said Graham Stock, emerging markets strategist at RBC Global Asset Management, adding it gave Milei leverage with his more moderate conservative allies. "It suggests that they're going to do better than expected in the midterms in October, but even before that, it creates more momentum behind a deal (with center-right party PRO)." Argentina will renew half of the seats in the lower Chamber of Deputies and a third of those in the Senate in the midterm vote. Milei, an economist and acid-tongued former pundit, came to office in December 2023 after a shock election win. The country still faces a major challenge to build up depleted foreign currency reserves, which it needs to hit targets under a new $20 billion IMF deal, while the recent lifting of capital controls has made the peso more volatile. And not everyone was convinced that it was a win for Milei, with voters split - and many not turning up at all. "My interpretation is that no political party won," said Buenos Aires lawyer Juan Pablo Mares, citing one of the lowest-ever voter turnouts with many people apathetic and struggling under still-high inflation and cuts to public services. "If the political leaders don't look at that, read it, and learn from it, they will continue to be divorced from the reality we all face." (Reporting by Walter Bianchi and Juan Bustamante; Additional reporting by Rodrigo Campos; Writing by Adam Jourdan; Editing by Andrea Ricci)
Yahoo
19-05-2025
- Business
- Yahoo
Argentina markets bask in Milei's local election win glow
By Walter Bianchi and Juan Carlos Bustamante BUENOS AIRES (Reuters) -Argentina's markets enjoyed the glow on Monday of a mood-boosting local election win by the party of investor-friendly libertarian President Javier Milei, which analysts said put him in good stead ahead of more important ballots later this year. Milei's party won the most votes in legislative elections in wealthy capital Buenos Aires, beating pollsters' forecasts. The win gives Milei just a few more seats in the city's legislature, but is symbolic of his rising fortunes. "The bulk of the support was all to do with Milei," said Buenos Aires-based political consultant Shila Vilker with Trespuntozero, adding it was a "resounding win" for Milei's brash brand of austerity and deregulation. "It's a confirmation of the course they're on." While Milei is divisive, he has kept voters on his side by bringing down what was triple-digit inflation via tough spending cuts and reducing monetary emissions, moves that have won him plaudits from investors and the International Monetary Fund. The latest vote suggests his political footing remains firm, which markets have cheered - even if the real-life impact of the vote is limited, with his party still holding a minority in the city's legislature after the victory. On Monday, bonds edged up around half a percent, while the S&P Merval stock index was up nearly 2%. "Milei's list wasn't expected to come first, and that has two implications," said Graham Stock, emerging markets strategist at RBC Global Asset Management, adding it gave Milei leverage with his more moderate conservative allies. "It suggests that they're going to do better than expected in the midterms in October, but even before that, it creates more momentum behind a deal (with center-right party PRO)." Argentina will renew half of the seats in the lower Chamber of Deputies and a third of those in the Senate in the midterm vote. Milei, an economist and acid-tongued former pundit, came to office in December 2023 after a shock election win. The country still faces a major challenge to build up depleted foreign currency reserves, which it needs to hit targets under a new $20 billion IMF deal, while the recent lifting of capital controls has made the peso more volatile. And not everyone was convinced that it was a win for Milei, with voters split - and many not turning up at all. "My interpretation is that no political party won," said Buenos Aires lawyer Juan Pablo Mares, citing one of the lowest-ever voter turnouts with many people apathetic and struggling under still-high inflation and cuts to public services. "If the political leaders don't look at that, read it, and learn from it, they will continue to be divorced from the reality we all face."
Straits Times
19-05-2025
- Business
- Straits Times
Argentina markets bask in Milei's local election win glow
Argentina's President Javier Milei speaks to the media as General Secretary of the Presidency and sister of the president, Karina Milei looks on on the day they vote in the legislative elections of the city of Buenos Aires, Argentina, May 18, 2025. REUTERS/Tomas Cuesta Argentina's President Javier Milei and his sister Karina Milei embrace onstage at the La Libertad Avanza party headquarters on the day of the legislative elections of the city of Buenos Aires, Argentina, May 18, 2025. REUTERS/Tomas Cuesta Argentina's President Javier Milei speaks to the media as General Secretary of the Presidency and sister of the president, Karina Milei looks on on the day they vote in the legislative elections of the city of Buenos Aires, Argentina, May 18, 2025. REUTERS/Tomas Cuesta Argentina's President Javier Milei and his sister Karina Milei embrace onstage at the La Libertad Avanza party headquarters on the day of the legislative elections of the city of Buenos Aires, Argentina, May 18, 2025. REUTERS/Tomas Cuesta BUENOS AIRES - Argentina's markets enjoyed the glow on Monday of a mood-boosting local election win by the party of investor-friendly libertarian President Javier Milei, which analysts said put him in good stead ahead of more important ballots later this year. Milei's party won the most votes in legislative elections in wealthy capital Buenos Aires, beating pollsters' forecasts. The win gives Milei just a few more seats in the city's legislature, but is symbolic of his rising fortunes. "The bulk of the support was all to do with Milei," said Buenos Aires-based political consultant Shila Vilker with Trespuntozero, adding it was a "resounding win" for Milei's brash brand of austerity and deregulation. "It's a confirmation of the course they're on." While Milei is divisive, he has kept voters on his side by bringing down what was triple-digit inflation via tough spending cuts and reducing monetary emissions, moves that have won him plaudits from investors and the International Monetary Fund. The latest vote suggests his political footing remains firm, which markets have cheered - even if the real-life impact of the vote is limited, with his party still holding a minority in the city's legislature after the victory. On Monday, bonds edged up around half a percent, while the S&P Merval stock index was up nearly 2%. "Milei's list wasn't expected to come first, and that has two implications," said Graham Stock, emerging markets strategist at RBC Global Asset Management, adding it gave Milei leverage with his more moderate conservative allies. "It suggests that they're going to do better than expected in the midterms in October, but even before that, it creates more momentum behind a deal (with center-right party PRO)." Argentina will renew half of the seats in the lower Chamber of Deputies and a third of those in the Senate in the midterm vote. Milei, an economist and acid-tongued former pundit, came to office in December 2023 after a shock election win. The country still faces a major challenge to build up depleted foreign currency reserves, which it needs to hit targets under a new $20 billion IMF deal, while the recent lifting of capital controls has made the peso more volatile. And not everyone was convinced that it was a win for Milei, with voters split - and many not turning up at all. "My interpretation is that no political party won," said Buenos Aires lawyer Juan Pablo Mares, citing one of the lowest-ever voter turnouts with many people apathetic and struggling under still-high inflation and cuts to public services. "If the political leaders don't look at that, read it, and learn from it, they will continue to be divorced from the reality we all face." REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
17-02-2025
- Business
- Yahoo
Argentina main stock index falls after Milei crypto scandal
BUENOS AIRES (Reuters) - Argentina's benchmark S&P Merval stock index tumbled close to 4% on Monday, after libertarian President Javier Milei touted a cryptocurrency which crashed soon after, in a case the country's fintech chamber said could amount to a "rug pull." Milei later deleted his X post recommending the little-known crypto coin $LIBRA and said he had no relation to the cryptocurrency, but opposition lawmakers have said Milei could face an impeachment trial in Congress. A judge was assigned to evaluate the legal cases against Milei on Monday. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Analysts said the opposition is unlikely to garner the votes to push through an impeachment proceeding but the accusations of fraud and Milei's direct involvement should have an important political impact on his government, which faces mid-term elections later this year and has championed taking a chainsaw to red tape. Some investors reacted on social media over the weekend in anger, saying they had been scammed out of their savings by the president of Argentina, while Milei's supporters defended him as the victim of politically-motivated attacks. "Irresponsible promotion of assets puts thousands of people at risk," ONG Bitcoin Argentina, a local educational non-profit, said over the weekend. "We take a stand against this fact and reaffirm the importance of education and transparency." In a regular morning conference, Mexican President Claudia Sheinbaum responded to questions on the scandal saying the public would have to see what comes out of the investigations. "It is extremely serious if confirmed, especially in terms of a president's powers to promote something private," she said. "If as a president of a country you propose something for private benefit there is an obvious conflict of interest." Milei himself came out swinging in face of criticisms. "To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that they confirm every day how vile politicians are, and this increases our conviction to kick them in the ass," Milei said in a post on Friday in which he said he had deleted his original post.
Reuters
17-02-2025
- Politics
- Reuters
Argentina main stock index falls after Milei crypto scandal
BUENOS AIRES, Feb 17 (Reuters) - Argentina's benchmark S&P Merval (.MERV), opens new tab stock index tumbled close to 4% on Monday, after libertarian President Javier Milei touted a cryptocurrency which crashed soon after, in a case the country's fintech chamber said could amount to a "rug pull." Milei later deleted his X post recommending the little-known crypto coin $LIBRA and said he had no relation to the cryptocurrency, but opposition lawmakers have said Milei could face an impeachment trial in Congress. A judge was assigned to evaluate the legal cases against Milei on Monday. Analysts said the opposition is unlikely to garner the votes to push through an impeachment proceeding but the accusations of fraud and Milei's direct involvement should have an important political impact on his government, which faces mid-term elections later this year and has championed taking a chainsaw to red tape. Some investors reacted on social media over the weekend in anger, saying they had been scammed out of their savings by the president of Argentina, while Milei's supporters defended him as the victim of politically-motivated attacks. "Irresponsible promotion of assets puts thousands of people at risk," ONG Bitcoin Argentina, a local educational non-profit, said over the weekend. "We take a stand against this fact and reaffirm the importance of education and transparency." In a regular morning conference, Mexican President Claudia Sheinbaum responded to questions on the scandal saying the public would have to see what comes out of the investigations. "It is extremely serious if confirmed, especially in terms of a president's powers to promote something private," she said. "If as a president of a country you propose something for private benefit there is an obvious conflict of interest." Milei himself came out swinging in face of criticisms. "To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that they confirm every day how vile politicians are, and this increases our conviction to kick them in the ass," Milei said in a post on Friday in which he said he had deleted his original post.
