Peru Markets Extend Tumble With No Finance Minister in Sight
- Adviser Francke was favored for the post, but wasn’t named
- Concern growing that Castillo plans a radical economic revamp
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Peruvian assets tumbled on concern new President Pedro Castillo’s top economic adviser may not take a cabinet role, further fueling investor anxiety over his government’s plans to remake the economy.
An ETF tracking Peru stocks fell more than 7%, the currency had its worst day since 1994 and overseas bonds due in 2031 slipped to the lowest in seven weeks. Peru equity funds recorded their biggest outflow in more than eight years this week, according to EPFR Global data, continuing a streak of market volatility that’s upended the Andean nation’s reputation among investors for relative stability and reliable policy making.