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YPF (NYSE:YPF) closed -6.6% in Monday’s buying and selling after the ruling occasion’s candidate in Argentina’s presidential election pulled an upset victory within the first spherical of voting, prompting considerations concerning the continuation of free-spending insurance policies which have pushed triple-digit inflation.
Argentina’s bonds fell as a lot as 10% and had been buying and selling at ~$0.25 on the greenback earlier than bouncing again barely, whereas the Argentine peso’s black market trade charge, which is broadly utilized by locals to purchase scarce {dollars}, was buying and selling at ~1,075 per greenback, from ~900 earlier than the vote, based on The Wall Avenue Journal.
Present Economic system Minister Sergio Massa, the ruling Peronist coalition’s candidate, shocked analysts by ending first within the first-round election with ~37%, whereas Javier Milei, a libertarian economist who has pledged to chop spending and taxes, got here in second with 30%; each males certified for a runoff subsequent month, with the winner taking workplace on December 10.
“We proceed to see YPF as probably the most levered play to Argentina’s presidential election,” Jefferies analysts stated.
Extra on YPF Sociedad Anónima
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