Mariano Machado, Americas principal analyst at Verisk Maplecroft: “If there is one certainty in Argentine elections is that one should expect the unexpected. Sunday’s vote has raised new questions in the run-up to the Oct. 22 general election. First, the emergence of Javier Milei as the most-voted candidate confirms the sheer scale of a long-brewing repudiation vote. The question is whether this performance is his electoral floor or ceiling. Second, the results make JxC’s return to power no longer a given. Although Bullrich emerged as the clear winner over Rodríguez Larreta, the overall result fell below expectations, and the question is whether she can retain and grow her support enough to secure a run-off spot. Third, with Massa at the helm, UP (Peronism) came in third in a presidential primary for the first time ever. Yet, the ruling coalition trails merely 240,000 votes behind JxC. Can the most extensive party machine in the country deliver a second place? The meager distance between the three forces increases uncertainty about the pecking order; all of them are statistically able to be one of the two most-voted candidates to enter the all-but-certain Nov. 19 runoff. But…”