Stock and Bond Trading Decimated in Once Red-Hot Argentina

Just three years after Argentina’s local markets were brought back from the dead, they’re barely clinging to life, Bloomberg News reported. Assets under management at local banks and brokerages have plummeted 25% since a surprise August primary vote that signaled pro-business President Mauricio Macri has little chance of winning re-election this month. Stock trading has fallen by half, and local bond volume is down by two-thirds. On top of that, Argentines sent a record amount of dollars overseas in August as the government delayed debt payments, said it would try to impose a restructuring on foreign notes and re-imposed capital controls to try to save the peso. Read more

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