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Argentine stocks listed on U.S. exchanges, included in the Global X MSCI Argentina ETF (NYSE:ARGT), have surged by more than 20% following Javier Milei’s recent win in the country’s presidential election this month, marking a decisive entry into a new bull market phase.
The fund, which has MercadoLibre Inc. (NASDAQ:MELI) as its leading holding, comprising a significant 25% of its portfolio, has also seen an inflow of 13 million as of Nov. 22, as reported by data from Vettafi’s ETFdb.com.
This robust rally coincides with high-level meetings taking place in Washington D.C. between Milei and top U.S. officials.
As per Bloomberg, Milei’s itinerary includes discussions with officials from the Biden administration, the State Department and the Treasury Department. These meetings facilitated by U.S. Ambassador Marc Stanley are aimed at establishing foundational relationships and exploring potential synergies between Argentina and the U.S.
Milei will also hold a meeting with the International Monetary Fund (IMF) and the World Bank (WB), as well as former President Bill Clinton.
Milei’s trip underscores his administration’s economic focus. He aims to address pressing issues such as hyperinflation and the state of Argentina’s central bank (BCRA). Luis Caputo, reportedly the future Economy Minister, joins Milei with a specific agenda to engage Wall Street investors and bankers.
Their immediate goal is to avoid hyperinflation in Argentina, necessitating significant economic reforms and measures.
By discussing and aligning these plans with the Biden administration and the IMF, a clear path can be charted for Argentina’s economic recovery. Milei’s approach of stringent spending cuts and privatization of state-owned enterprises could significantly alter Argentina’s economic landscape.
Milei’s efforts to strengthen relations with the U.S. and Israel, and cooling relations with China, signal a shift in Argentina’s diplomatic stance. This could lead to new alliances and economic partnerships, further aiding Argentina’s recovery process.
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