Home Markets Analysis-Argentina’s markets are flying (yes, you read that right)

Analysis-Argentina’s markets are flying (yes, you read that right)

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NEW YORK (Reuters) – Argentina’s notoriously shaky stock and bond markets, which have been hit by years of economic crises, are rocketing again.

A man walks past Argentina’s Central Bank in Buenos Aires’ financial district, Argentina September 24, 2020. REUTERS/Agustin Marcarian

The country’s S&P Merval stock index is up almost 30% in dollar terms this year, one of the best performing stock markets in the world, with most of those gains since a nadir in March-April. Sovereign bond prices, rooted in distressed territory for years, have jumped over the same period.

The sharp rise has picked up pace in recent weeks, driven by positive noises around $45 billion debt talks with the International Monetary Fund, local bond revamps bearing fruit and investors eyeing positive outcomes from midterm elections.

Analysts say the outlook for investors in South America’s second-largest economy is starting to clear after depleted foreign reserves have started to…

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