Latin America

forest444

(5,902 posts) Mon Nov 23, 2015, 07:46 PM Nov 2015

Local markets react to Macri's election: Buenos Aires Stock Market fell 5.1%; dollar rose slightly.

The Buenos Aires Stock Market's Merval index of big board shares closed Monday with a decline of 5.1% to 13,448.67 points. The selloff occurred in the first hour of trading after a brief rise and amid heavy volume. Monday was the first trading day after the opposition, right-wing candidate, Mauricio Macri, won Sunday's presidential runoff by less than 3%.

The steepest declines occurred in shares of Pampa Energy (13.6%); Banco Francés (8.6%); Grupo Galicia (7.7%); Banco Macro (6.5%); Comercial del Plata (6.2%); and YPF (4.6%).

The Argentine bond market also slid on the news, although more moderately: Bonar 2017 fell 2.1%; dollar-denominated Discounts, 1.3%; and Bonar 2024, 0.9%. All had been at or near record highs.

The official dollar exchange rate rose a penny to $ 9.685 at major banks and agencies in the city, while the Central Bank sold US$ 90 million in the exchange market. The U.S. dollar on the black market, in turn, closed up 12 cents to 15.19 pesos after starting the day with a slight downward trend.

At: https://translate.google.com/translate?hl=en&sl=es&u=http://www.infonews.com/nota/265711/la-reaccion-de-los-mercados-tras-el-balotaje&prev=search
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So while the press sprays the bubbly to celebrate the Macri win, big business in Argentina has voiced its doubts. Why?

Because a steep devaluation and austerity policies of the kind Macri's team has already hinted at would sharply increase their costs, while at the same time hurting sales once their clients and the public in general feel the sting in their wallets. Local wholesale prices, in fact, are reportedly already rising fast on the mere anticipation of Macri's IMF-style policies.

Can't bullshit a bullshitter.

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Local markets react to Macri's election: Buenos Aires Stock Market fell 5.1%; dollar rose slightly. (Original Post) forest444 Nov 2015 OP

Wow. That was fast, was it not? Hope it won't take as long for this generation to figure it out. Judi Lynn Nov 2015 #1

Life, Kirkegaard said, is lived forward. forest444 Nov 2015 #2

The Kirkegaard quote is excellent, and unfortunately so true. Judi Lynn Nov 2015 #3

Judi Lynn

(160,545 posts)

1. Wow. That was fast, was it not? Hope it won't take as long for this generation to figure it out.

Reply to forest444 (Original post)

Mon Nov 23, 2015, 08:29 PM

Nov 2015

We'd really like to think most people learn from experience.

forest444

(5,902 posts)

2. Life, Kirkegaard said, is lived forward.

Reply to Judi Lynn (Reply #1)

Mon Nov 23, 2015, 08:36 PM

Nov 2015

But only understood backwards.

And in Argentina, by some people at least, only after making the same mistake God-only-knows-how-many times.

http://www.gregpalast.com/who-shot-argentinathe-finger-prints-on-the-smoking-gun-read-imf%E2%80%99/
(from 2001...and 2017?)

Judi Lynn

(160,545 posts)

3. The Kirkegaard quote is excellent, and unfortunately so true.

Reply to forest444 (Reply #2)

Tue Nov 24, 2015, 01:23 AM

Nov 2015

You can't imagine how good reading that article by Greg Palast is for those of us who were out of touch with information about the unbelievable chaos which descended in Argentina when it all went dark financially, too.

Not surprised in the least to learn our corporate media spared us the tedium of reading of the police shootings/murders of IMF austerity plan protesters who were so desperate in Argentina. That's almost to be expected, by now, isn't it?

US Americans were able to see a powerful documentary film about Argentina's economic disaster on either Public Broadcasting here, or a cable network. It was mind-boggling, and nothing whatsoever had been revealed to us about it by our corporate "news" by that time. It was shocking, considering we had no idea it had happened.

And that wasn't all that long ago, either. That's why it's so hard to understand how they allowed this man to win. Who gains from his win? The conservative oligarchy, of course. No one else.

It really helped to see your Greg Palast material. He is a US treasure. Too bad he has had to do his writing outside the U.S. He would probably be dead by now had he stayed here.

Thank you for your deeply effective contribution, forest444.

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