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Argentine President Wows Global Investors But Is Losing Confidence at Home

Argentina President Mauricio Macri passed a big test with global investors after his policy responses helped stem the peso’s slide and enabled the country to rejoin a popular emerging-markets index, attracting foreign capital back to the market. Without Mr. Macri in charge, some investors say, they worry that Argentina could revert to the more populist policies that they say upended the economy and led to a massive government default. In the latest sign that a backlash to Mr. Macri’s policies is spooking the markets, the MSCI Argentina stock index dropped 5% on Monday after a union organized a general strike.