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The Argentinian peso and government bonds collapsed Monday after Argentina’s center-right President Mauricio Macri lost primary elections by a far greater margin than expected on Sunday. The ARSUSD lost almost 30% to around 59 per U.S. dollar shortly after the market open.

Rating agency Fitch Upgraded Russia IDR from BBB-to BBB+ with outlook stable. Fitch considers the Russian policy mix, more flexible exchange rate, inflation-targeting and a prudent fiscal strategy. However continued threat of sanctions' escalation weighs.

Fitch on Friday affirmed taly's 'BBB' rating and negative outlook. Reflects extremely high level of general government debt, very low trend GDP growth, policy risk and uncertainty from political dynamic and associated downside risks.

US Treasury Secretary Mnuchin declared China as a currency manipulatorvia an official Treasury statement. The move follows China weakening the Yuan over 7.00 to the USD as the Trade War ramped up further.

The June trade balance shows a bigger surplus but exports fell more than expected as did imports. Another example of the global trade situation hurting with the ongoing trade wars and macroeconomic deteoriation around the world 

Ford's Chinese joint venture with Changan Automobile; Changan Ford Automobile Co. was reportedly fined 162.8 million yuan ($23.6 million) by the State Administration for Market Regulation for restricting resale prices.

China published a white paper in eight languages Sunday on their trade frictions with the U.S. They blame America with the costs to both sides with for 'unacceptable' demands BUT offered “If the U.S. wants to talk, we will keep the door open.”

The trade war reached another level today with comments from VP Pence and President Trump put Tariffs on Mexico. Later former China Vice commerce minister said China needs to prepare for the trade war to spread to geopoltical areas and on how bad a strategy it is for the US.

US President Trump announced a 5% tariff on Mexico saying that if Mexico does not do more to halt illegal immigration into the US the 5% tariff will rise to 25% in steps by October 2019. The Mexican Peso Collapsed on the news.

Fitch Ratings issued a note following the resignation of UK Prime Minister Theresa May and the strong showing by the Brexit Party in European Parliamentary elections. They opined this increases the risk of a no-deal Brexit with uncertain timing.

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