Granted we're only one week into the new year, but the Argentinian stock market is off to a strong start with a gain of 12.5%. That puts it well ahead of the next best performer, Estonia, which is up 4.5%.
With Argentina's checkered past with managing its currency, one could hardly be blamed for thinking that equity gains of this magnitude might be at least partly driven by currency devaluation. But lo and behold, it turns out the Peso is flat versus the Dollar over the same time frame. Here's the USDARS cross compared to the benchmark Merval Index:
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