Buenos Aires, Argentina — Markets in Argentina rallied, the peso surged and the country's sovereign bonds jumped on Monday as libertarian President Javier Milei hailed his party's resounding victory in midterm congressional elections as a mandate to press forward with radical free-market reforms.

Investors recovered confidence in the chronically depreciating Argentine peso that they were dumping in droves just last week to hedge against a Milei defeat. The currency surged more than 10% to trade at over 1,300 per dollar on Monday. Argentine stocks soared 20% and the country's dollar-denominated bonds set to expire in 2035 climbed over 10 cents after markets opened.

The price movements over Milei's party doubling its representation in Congress appeared to validate the Trump administration

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