President of Argentina Mauricio Macri. Photo: Mario De Fina/NurPhoto via Getty Images

Argentina's economy is falling apart, further evidenced by its second straight quarter of negative GDP growth, but no one has bothered to tell its Merval stock index, which has risen almost 18% in June and 32% year to date.

The big picture: The country is firmly in a recession, but analysts say the improved prospects of market-friendly President Mauricio Macri, who has overseen the country's "Macrisis," winning re-election are buoying the market this month.

Driving the news: The country's GDP fell 5.8% in the first quarter after a 6.2% fall in the fourth quarter of 2018.

What's happening: Under Macri Argentina has seen record high inflation and poverty rates and its peso currency has fallen to what is by far the lowest level on record.

  • However, his opponent in October's presidential race, Alberto Fernández, is running with former president Cristina Fernández de Kirchner, who investors worry could lead the country into yet another default on its sovereign bonds and end its record $57 billion IMF bailout program.

Go deeper: Argentina's Mauricio Macri has the country in a "Macrisis"

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1 hour ago - World

Macron visits Beirut promising a "new political pact" for Lebanon

Macron visits the hard-hit Gemmayzeh neighborhood. Photo: AFP via Getty Images

French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.

Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

1 hour ago - Sports

The PGA Championship is golf's first major in over a year

Photo: Gary Kellner/PGA of America via Getty Images

The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.

Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.

July's jobs report could be an inflection point for the coronavirus recovery

Illustration: Sarah Grillo/Axios

Even if Friday's jobs report shows a big number, it is becoming clear hiring slowed and likely even reversed course in July and real-time indicators suggest the employment situation worsened into August.

Driving the news: Payroll processor ADP's monthly jobs report showed private companies added 167,000 jobs last month, well below the 1.2 million expected by economists and far below June's 4.8 million jobs added.