Argentina's peso falls 15% after surprise election results spook investors

Voters, in preliminary polls, rejected President Mauricio Macri's austere economic policies, raising questions about his chances of re-election. The surprise results affected global markets

A coalition backing Opposition candidate Alberto Fernandez — whose running mate is former president Cristina Fernandez — led by a wider-than-expected 14 percentage points with 47.1 per cent of votes, with fourth-fifths of ballots counted.
 
The presidential election is due to take place in October
 
Brutal response

The peso collapsed 15 per cent (as much as 25 per cent intraday), equities crumbled 48 per cent in dollar terms — the second biggest one-day slump anywhere since 1950 — and the bond market crashed, with a 100-year bond that investors had recently gobbled up tumbling 20 per cent