Markets In Argentina Plunge After Poor Primary Showing For Incumbent President

Yen, gold gain on trade war angst as Argentine peso slides

Yen, gold gain on trade war angst as Argentine peso slides

-China trade war and damaging Brexit could tip top economies into recession. Bond yields in Europe also were lower on the day.

Safety remained the name of the game. A move beyond 104.100 per dollar, this year's high scaled at the start of January, would take the yen to its highest level since November 2016.

"Risk indicators and global markets have become more shaky and the yen is reflecting those concerns, and safe-haven shelters like the yen and the Swiss franc should continue to benefit", said Commerzbank currency strategist Esther Reichelt.

It's also possible, though would be hard, that Macri could come back as the October 27 election approaches, he said. In Italy, debts gave the advance an extra lift after Fitch kept the economy's rating steady despite the rising possibility of snap elections being called there. Still he's staying overweight relative to the benchmark as "Alberto Fernandez could come up with more moderate speech, which I think is possible given the kind of turmoil we see in the market right now".

Incessant concerns that a trade accord would not be finalized before the 2020 U.S. presidential election heightened after Goldman Sachs came out as the newest investment firm to slash its USA growth forecast and cautioned a trade stalemate would arise after the polls.

A senior official at the People's Bank of China told Reuters on Tuesday that the yuan was at an appropriate level.

On Friday, Wall Street snapped a three-day winning streak after U.S. President Donald Trump said Washington was continuing trade talks with Beijing, but that the U.S. was not going to make a deal for now.

White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators.

The ripple effect is seen in other countries as well, with Bitcoin gaining adoption while interest in fiat currency declines.

Global benchmark Brent crude futures rose 4 cents to settle at US$58.57 a barrel while US West Texas Intermediate (WTI) futures gained 43 cents to settle at US$54.93 a barrel.

U.S. West Texas Intermediate (WTI) CLc1 futures were at $53.89 per barrel, down 61 cents from their last close.

"The stronger yen was at or near 2019 highs against its USA counterpart on prospects of a long drawn-out U.S".

"Despite the laundry list of disruptions and additional barrels at risk, investor length is now near a multi-year low".

A poor showing for Argentina's President Mauricio Macri and a surge for his leftist opponent sparked fears of a possible default on the country's International Monetary Fund loans, sending the peso to its lowest level in almost two decades and causing a massive sell-off in the country's stock market. Its dollar-denominated government bonds lost roughly 25 percent on average, pushing down prices to as low as 55 cents on the dollar.

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