December 3, 2025

Daily commentary

American industrial production was in line with expectations, with slight growth of 0.1% for the month, in what was a positive session for most assets globally, although prices remain stable. In equities, the Dow led the American indices, rising almost 1%, while...
December 2, 2025

Daily commentary

Trump said he had a "very good" conversation with Xi, and said he will visit China, leading to a risk-on wave in Chinese and U.S. assets, gaining 2.7% on the Nasdaq and 1.55% on the S&P500 in what will be a short market week because of the U.S. Thanksgiving holiday on Thursday. Treasuries rose across the curve...
December 1, 2025

Daily commentary

Significant declines in investment grade fixed income marked the beginning of December, with yields rising by 5-7bps in Europe and up to 9bps on the Treasury curve, although rate futures continue to price in a 25bps cut in the Fed Funds Rate next Wednesday by the Fed. Equities...
November 28, 2025

Daily commentary

U.S. stocks advanced in light trading after a technical glitch at the Chicago Mercantile Exchange (CME) disrupted premarket activity. Bonds fell slightly.
November 25, 2025

Daily commentary

The positive tone continues in the markets, with equities rising globally, led today by "value," with the Dow Jones up more than 1.3%, accompanied by a rise in global fixed income, with yields on both Treasuries and European sovereign bonds falling 3-5bps as...
November 24, 2025

Daily commentary

Trump said he had a "very good" conversation with Xi, and said he will visit China, leading to a risk-on wave in Chinese and U.S. assets, gaining 2.7% on the Nasdaq and 1.55% on the S&P500 in what will be a short market week because of the U.S. Thanksgiving holiday on Thursday. Treasuries rose across the curve...
November 21, 2025

Daily commentary

More volatility to close the week, but closing on a positive note for risk assets following reports of possible US permission for Nvidia to sell its H200 chips to China; the three major US indices closed up 0.88-1.1%, following declines in Asia and Europe. Treasuries closed...