Argentina Assets Slide as Milei Summons Cabinet After Defeat (5)

Argentina’s currency, bonds and stocks plunged after President Javier Milei’s party suffered a landslide defeat in a key provincial election, heightening concern the administration lacks the political support needed to sustain its overhaul of the economy.

The government’s dollar bonds posted the biggest declines in emerging markets on Monday, with benchmark notes due in 2035 slumping 5.3 cents on the dollar to 56 cents as of 3:40 p.m. local time. Yields soared to just below 13%. The official peso plunged as much as 7% when local markets opened, before paring some of those losses. It was trading at 1,409 ...