Sunday’s vote leaves Peronism 39 deputies and 24 senators; Fuerza Patria will be the first minority in the provincial Chamber of Deputies and will have its own quorum in the Senate.

Argentina's markets tumbled on Monday, with the peso currency touching a historic low, after a heavy defeat for President Javier Milei's party at the hands of the Peronist opposition in local elections stoked worries about the government's ability to implement its economic reform agenda.

Governor Axel Kicillof the big winner as Peronism dominates vote in Buenos Aires Province; Fuerza Patria (Peronism) set to win election by double-digit margin, with President Javier Milei's La Libertad Avanza trailing a distant second.

Argentine President Javier Milei's party suffered a provincial election loss, 40% of electorate, amid corruption allegations and opposition to his policies.

Argentina's markets tumbled on Monday after a heavy defeat for President Javier Milei's party at the hands of the Peronist opposition at local elections stoked worries about the government's ability to implement its economic reform agenda.

Pre-election polls showed Milei’s party tied at the top, but the leftist opposition won by more than 13 percentage points.