Argentina's "Macrisis," which has sent its currency spiraling lower and cut the value of its bonds by more than half their value, and the implosion of U.S. Treasury yields cost Franklin Templeton’s flagship $100 billion Global Bond Fund $3 billion in the 3rd quarter, public filings data show.

What happened: The fund, managed by Michael Hasenstab, was heavily invested in Argentinian local-currency bonds, which defaulted in August, and a huge short position on U.S. Treasuries, which have seen prices rise significantly, Bloomberg reported.

The backdrop: "It’s not the first time Hasenstab, who oversees more than $100 billion and made his name staking large sums on contrarian trades, has been wrong-footed. But he’s rarely been caught in two poorly-performing bets at the same time. Morningstar Inc. said in August it would stick to its top analyst rating for his fund despite the barrage of bad news because of its track record of picking winners in the long term," per Bloomberg.

  • The fund has returned 2.4% in the past three years, Bloomberg data show.

Go deeper: Argentine president leads economy to debt, inflation and mass poverty

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Trump whisked out of press briefing after shooting outside White House

President Trump was escorted out of a coronavirus press briefing by a Secret Service agent on Monday after law enforcement reportedly shot an armed suspect outside of the White House.

The state of play: Trump returned to the podium approximately ten minutes later and informed reporters of the news. He said the suspect has been taken to the hospital, but was unable to provide more details and said Secret Service may give a briefing later.

Updated 59 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 19,952,057 — Total deaths: 732,689 — Total recoveries — 12,150,698Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 5,074,059 — Total deaths: 163,275 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Politics: House will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: A dual coronavirus and flu threat is set to deliver a winter from hellAt least 48 local public health leaders have quit or been fired during pandemic.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."
Updated 1 hour ago - Health

5 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

Five states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project and state health departments. Only one state — North Dakota — surpassed a record set the previous week.

Why it matters: This is the lowest number of states to see dramatic single-day increases since Axios began tracking weekly highs in June, and marks a continued decrease from late July.