Argentine Stocks Decline Most in World as Commodities CollapseCamila Russo
Argentine stocks led world losses as a drop in commodities sank emerging-market assets.
The Merval Index slid 6.2 percent, the biggest decline since January and the most among 93 equity gauges tracked by Bloomberg. All 11 companies in the equity benchmark fell, with aluminum producer Aluar Aluminio posting the largest slump.
China’s economic slowdown is pushing down commodity prices, weighing on raw-material exporters from Argentina to Mexico and South Africa. The Bloomberg Commodity Index sank to the lowest since 2002.
Argentine shares also fell as the implied dollar rate in the so-called blue-chip swap market, an operation that involves trading peso and dollar assets to skirt foreign-exchange controls, climbed 2.1 percent. Stocks normally drop when the currency rises in that market.
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