Peronist Alberto Fernandez had 47.79% of the vote, ahead of Macri’s 40.71%, with more than 90% of ballots counted, putting the center-left challenger over the 45% threshold.
Sales of everything from cars to food and beauty products slowed in Argentina following a collapse in the peso currency, as suppliers held back shipments while trying to calculate how the devaluation will affect consumer prices.
Argentina’s peso dropped again on Tuesday as market turmoil spilled into a second day following opposition candidate Alberto Fernandez’s landslide victory in a primary election that dealt a severe blow to President Mauricio Macri’s re-election chances.
Brazil said the Mercosur bloc of South American countries will soon sign a trade deal with the European Union.
Argentina’s government-controlled carrier Aerolineas Argentinas said on Monday it would cancel all Wednesday flights due to a one-day nationwide strike called by labor unions to protest the economic policies of center-right President Mauricio Macri.