Big win in midterm vote for Argentina's President Milei boosts markets and vindicates Trump
Argentina's President Javier Milei celebrates after winning in legislative midterm elections in Buenos Aires, Argentina, Sunday, Oct. 26, 2025. (AP Photo/Rodrigo Abd)
BUENOS AIRES, Argentina (AP) — Markets in Argentina rallied, the peso surged and government bonds jumped on Monday as President Javier Milei hailed his party's resounding victory in midterm congressional elections as a mandate to press ahead with radical free-market reforms of Argentina's long-troubled economy.
Investors regained confidence in the chronically depreciating peso they had been dumping in droves just last week to hedge against a Milei defeat. The currency surged more than 10% to trade at over 1,300 per dollar on Monday. Argentine stocks soared as much as 40% during the trading day and the country's dollar-denominated bonds set to expire in 2035 rose more than 10 cents after markets opened.
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