Argentine president Macri concedes defeat, congratulates Fernandez

Argentina's Peronists swept back into power on Sunday, ousting conservative president Mauricio Macri in an election result that shifts Latin America's No. 3 economy firmly back toward the left after it was battered by economic crisis. Peronist had 47.79% of the vote ahead of Macri's 40.71% with more than 90% of ballots counted on Sunday night, putting the center-left challenger over the 45% threshold to avoid a runoff and win the election outright.

Macri, speaking at his election party, conceded the race and congratulated Fernandez. He said he had invited Fernandez to the presidential palace on Monday morning to discuss an orderly transition, which is seen as essential for Argentina's shaky economy and markets.