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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"

Go deeper

Updated 6 hours ago - World

U.S. airstrike kills senior al-Qaeda leader in Syria, DOD says

A displacement camp near the village of Qah in Syria's northwestern Idlib province. Photo: Ahmad Al-Atrash/AFP via Getty Images

A U.S. airstrike in northwest Syria on Friday killed senior al-Qaeda leader Abdul Hamid al-Matar, U.S. Central Command said in a statement.

Why it matters: Syria serves as a "safe haven" for the extremist group to plan external operations, according to U.S. Army Maj. John Rigsbee.

Updated 11 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.