Argentina raises interest rate, devalues peso after shock primary election 

Reuters was first to report that Argentina’s central bank would sharply devalue the peso, which has long been held in check by currency controls, after a primary election upset rattled the country’s markets. The peso dropped almost 20% to 350 pesos per dollar. Reuters was also first to report on the central bank hiking the benchmark interest rate 21 percentage points to 118% in a bid to protect the local currency and put a lid on triple-digit inflation. That followed a win covering the election results themselves, with Reuters ahead with the key news that outsider radical Javier Milei had attracted over 30% of the vote, handing him a shock win in the ballot which foreshadows the likely result of the Oct. 22 general election.