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Opposition candidate Alberto Fernandez – whose running mate is former president Cristina Fernandez de Kirchner – won by a wider-than-expected 15.5 percentage points with 47.65% of votes, with 99% of ballots counted after Sunday’s primary.

Fernandez’s lead far exceeded the margin of 2-8% forecast in recent opinion polls.

Argentina is in recession with inflation at over 55% after three and a half years of Macri’s policies. Investors nonetheless see the Fernandez/Kirchner duo as a riskier prospect than free-markets advocate Macri.

Kirchner imposed strict currency controls that slammed investment during her 2007-2015 administration. She feuded with the country’s key farm sector over export taxes and presided over a multi-year standoff with bondholders that kept Argentina locked out of the international capital markets.

Argentina’s 2028-maturing, euro-denominated bond was down almost 9 cents in European trading on Monday, Tradeweb data showed.

The peso had plunged 6.1% to 49 per U.S. dollar early Monday on the platform of digital brokerage firm Balanz, which operates the currency online non-stop.

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