July 23, 2025

Market Flash

During the week, U.S. Treasury yields were relatively flat as investors digested the latest inflation data and follow news on global trade tensions.The second quarter earnings season officially kicked off this week, with several major U.S. banks reporting. JP Morgan and Citigroup reported earnings above expectations....
July 21, 2025

Daily commentary

Global fixed income advances today, led by European sovereigns whose yields fell 7-10bps, followed by 4-6bps in the treasury curve, in the face of a 0.6% depreciation of the dollar. On the equities side, mixed results in Europe and Asia, while in the US there was a slight advance. Within commodities, agriculture fell along with energy, while metals gained 1-2%, with gold returning to $3400. VIX rose to 17...
July 18, 2025

Daily commentary

Treasuries rose slightly, with yields falling 3bps, after a 2-3bps rise in Europe; while in equities, there were rises in Asia and slight variations in Europe and the US, ending the week with no relevant news. In commodities, metals rose, while energy and agriculture were mixed with 1% variations. In Venezuela, the news that El Salvador will send 250 Venezuelans who were imprisoned to Venezuela in exchange for the release of 10 Americans who were imprisoned in Venezuela...
July 17, 2025

Daily commentary

Retail sales data in the US was considerably better than expected, leading to a rally in equities, which saw a new historical close for the S&P500, following advances in Asia and Europe. On the rates side, there were no notable changes, with the short end declining marginally and the long end closing flat, with yields on the 20y and 30y at 5%. In commodities, energy rose 2% as did several metals, while agriculture closed mixed. The dollar recovered what it lost yesterday...
July 15, 2025

Market Flash

During the week, U.S. Treasury yields rebounded amid investors' reaction to the latest news of rising global trade tensions. investors to the latest news on rising global trade tensions. With the expiration of the 90-day tariff truce on July 9, Trump announced new tariffs on July 9, Trump announced new tariffs on more than 20 countries. The rates vary widely - ranging from 20% to 50% - and are scheduled to go into effect on August 1, unless trade agreements are finalized before then. trade agreements are finalized before then.
July 15, 2025

Daily commentary

June US inflation was mostly in line with expectations, seeing headline at 0.3% and core at 0.2% (vs 0.3% exp both), while the annual was 2.7% in headline and 2.9% in core (vs 2.6% and 2.9% exp, respectively), bringing an initial favorable reaction for treasuries, which reached a 5bps drop in yields, but which progressively turned around to end in a decline along the curve that was slightly more accentuated in the short end...
July 14, 2025

Daily commentary

With the market focused on tomorrow's US inflation data, rates rose slightly by 1-2bps in the US, similar to the change in Europe, while equities advanced marginally, following mixed results in Asia and Europe with no major changes. In commodities, energy fell 2%, while agriculture rose 1% and metals fell slightly. In Venezuela and PDVSA, the same story of the last few days has been repeated, with slight declines and low volumes...
July 8, 2025

Market Flash

During the week, U.S. Treasury yields rebounded as investors digested the latest labor market data and global trade tensions continue. global trade tensions continue. Much of the attention was focused on the progress of the Trump administration's budget reconciliation bill, narrowly passed in the Senate and ratified in the House of of Representatives...
July 5, 2025

Monthly Report July 2025

The main U.S. indices showed a solid performance throughout the month of July. The S&P 500 registered an advance of +2.24%, accumulating a gain of +8.58% so far in 2025. The Nasdaq also showed an outstanding performance, with an increase of +3.73%, accumulating a gain of +8.58% so far in 2025. increase of +3.73%, which raised its...