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Argentina's former President Cristina Fernández de Kirchner. Photo: Mario De Fina/NurPhoto via Getty Images

Former Argentine President Cristina Fernández de Kirchner got that much closer to returning to the country's presidential estate on Sunday, sinking the country's currency by as much as 5%.

Driving the news: Kirchner is running for vice president on a ticket with Alberto Fernández, and the pair received 47% of the vote in Argentina's primary election, far more than expected. That bested current President Mauricio Macri and his running mate, Miguel Ángel Pichetto, who had 33%, and 6 other tandems.

  • If the country votes the same way in October's first round of elections, Fernández and Kirchner will win with no need for a run-off election.

Why it matters: Investors fear that outcome could put Argentina's billions of dollars of outstanding debt in jeopardy of default and prompt a renegotiation of the country's $57 billion loan deal with the IMF.

Where it stands: Under Macri, Argentina has fallen into recession and the economy is in what analysts are calling a "Macrisis."

  • Inflation is being choked off slowly by the central bank's unconventional monetary policies, and it is expected to grow at just 34% this year, but that may be too little too late.
  • The country's GDP shrank 6% year-over-year in the first quarter.
  • Its steadily increasing poverty rate hit 32% in 2018.
  • The unemployment rate rose above 10% for the first time in at least a decade in Q1.
  • Argentina's peso fell 5% against the dollar after Sunday's election results, Reuters reported. It most recently traded at higher than 48 per dollar, about triple the rate when Macri took over as president and its weakest level ever.

Go deeper: Argentina's "Macrisis" continues

Go deeper

32 mins ago - Health

First cases of COVID-19 Omicron variant discovered in United Kingdom

People wearing masks walk in London on Nov. 25. Photo: Li Ying/Xinhua via Getty Images

Two cases of the new COVID-19 Omicron variant were detected in the United Kingdom overnight, the U.K. Health Security Agency announced Saturday.

Why it matters: The discovery comes as the world scrambles to respond to concerns over the new variant, discovered in South Africa earlier this week.

Updated 1 hour ago - Economy & Business

Americans are super-sizing their holiday travel

Illustration: Sarah Grillo/Axios

Americans are rushing back into holiday travel, and many are taking even longer trips now than they did before the pandemic began.

The big picture: After skipping Thanksgiving and Christmas gatherings last year, many people are eager to maximize this year's celebrations with friends and family. And flexible remote working arrangements make that easier than ever.

Updated 1 hour ago - Energy & Environment

Pity the "green" car buyer

Expand chart
Data: IHS Markit Data; Note: Chart: Thomas Oide/Axios

Americans are more open than ever to trading in their gas cars for electrified vehicles — but they're flummoxed by the confusing array of green options arriving in showrooms.

Why it matters: Getting up to speed on the differences among hybrids, plug-in hybrids and battery-electric vehicles will be a challenge for car buyers — and salespeople, too — as we transition away from gas-powered vehicles over the next decade.