Macri’s Shock Setback in Argentina Deals Blow to Re-Election Bid

Argentina’s President Mauricio Macri unexpectedly lost a primary vote by a landslide, foreshadowing a defeat in October’s presidential election and a possible return to the policies of his predecessor, Cristina Kirchner.

Argentina’s international bonds and stocks tumbled in London and New York early trading after the vote, effectively a test of national sentiment before the two-round presidential ballot. The scale of Macri’s defeat took pollsters by surprise, yet it reflects widespread public dismay at the country’s direction amid recession, austerity and inflation running at more than 50%.