EMERGING MARKETS-Carnage in Argentine markets after Macri suffers... Argentina's peso collapsed on Monday after voters rejected President Mauricio Macri's austere economic policies and gave Alberto Fernandez and his running mate, former President Cristina Fernandez de Kirchner, a victory in presidential primaries on Sunday. The peso fell to a record low, as much as 30% against the dollar in early trade, as Macri lost by a far greater margin than expected. The result cast serious doubt on Macri's chances of re-election for a second term in October, with analysts warning of widespread panic in financial markets in the coming days. "This result is much more extreme than our market bear case scenario," BAML analysts said in a note. "Fernandez has emphasized the peso is extremely over-valued and needs a correction. We expect heavy pressure in ARS with a potential devaluation in coming weeks." The carnage was a reminder for markets of a 26% plunge in the peso on Dec. 17, 2015, when the newly elected Macri government floated the currency as part of a slew of promised free-market reforms aimed at aiding the crisis-ridden economy.