Volatile day, which started with technology markedly up on positive reports from Microsoft and Meta, which gradually faded against the rest of the heavy market, closing down value and flat on the Nasdaq after falls in Asia and Europe. Treasuries also started the day up following advances in bonds...

The Fed kept rates unchanged as expected at 4.25-4.5%, but Powell at a press conference gave indications that he expects them to remain the same for the foreseeable future, despite the fact that the rate vote had two governors voting for cuts, the first time since the 1990s that there have been two dissenters....

The US and the European Union reached the expected tariff agreement, in which the EU accepted a 15% tariff on most of its exports to the US; the market had no major reaction, with US indices closing with slight mixed variations, while in Europe there were small declines and in Asia also mixed results. In fixed income, there was demand for European sovereign bonds whose yields fell 2-4bps, while UK gilts and US treasuries fell, with yields rising 1-3bps ...

China and the US have not yet managed to finalize the tariffs agreement, but set an extension to the negotiation deadline to sign the agreement, leading to a rally in treasuries that pushed yields down 5-10bps, leaving the long side below 4.86%. Equities had no major reaction, with U.S. and Asian indices down 0.4% on average, while European indices...

Little movement in the markets to end the week, with U.S. equities slightly up and both European and Asian equities down, the latter being the session's underperformers, falling almost 1%; while in fixed income, European rates rose marginally and U.S. rates remained flat. Commodities retreated in the face of a 0.25% appreciation of the dollar, with the main items falling 1-1.5% globally...

In Europe, we saw a rate hike of up to 8bps after European Central Bank officials gave indications that no further rate cuts are planned, while in the US, treasuries had a slight bear flattener (+4bps short, +1bp long); equities In Venezuela, we were surprised by news from the Wall Street Journal, which reported that Chevron ...

Indications of an agreement between the US and the European Union on tariffs led to an advance in global equities, with major indices gaining 0.5-2%, led by the Japanese Nikkei and France's CAC 40; while rates rose on risk-on, bear flatteners that left short bonds performing worse (+6bps yields) than long bonds. In commodities, metals and agriculture fell slightly...