Argentina's Economy Minister Massa defeats far-right Milei in first-round vote, causing pressure on Argentine assets

Argentine dollar-denominated bonds dropped as Economy Minister Sergio Massa and radical libertarian Javier Milei advanced to a run-off vote in the country's presidential election. Massa received 36.6% of the first-round vote, while Milei secured 30%. The next president will face a challenging economic situation, including a recession, high inflation, and dwindling foreign currency reserves. Milei's success has been attributed to public discontent with the country's economic woes and corruption. Investors are closely watching for any potential shift in Milei's policies to capture center-right voters. The outcome of the November election remains uncertain, keeping Argentine assets under pressure.