A very positive week ends for global equities with a new session in green, where European equities led by gaining more than 1%, and U.S. equities shook off a temporary decline on reports that the U.S. will not continue negotiations with Canada on the tariffs issue after Canada did not repeal the sales tax on digital services. Treasuries fell...

The S&P500 temporarily crossed its all-time high today by rising almost 1% along with the rest of the US equities, after mixed sessions in Europe and Asia without much movement. In fixed income, we saw a clear bull steepener in the treasury curve, with short yields falling 6bps and long yields falling 2bps following reports that Trump would seek to replace Powell later this year, which could pressure the Fed to cut rates more aggressively, which was reflected in futures that now even speculate a possible 50bps cut in December after 25bps in September. The VIX fell to 16.3, its lowest close since February of this year. Venezuela and PDVSA both remain in demand, particularly PDVSA, where bonds rose 0.4pts average, also seeing more buying of PDV'20 which reached 93 handle.

Asia closed in green to start the session on the equity side, then in Europe we saw declines of less than 1% and in the US the day closed mixed, with marginal changes. The treasury curve ended slightly higher after trading in the red for most of the session, with yields down 2bps, while in Europe rates rose marginally. On the side of...

Wall Street optimism drove stocks higher. Rising amid an easing of tensions in the Middle East and balanced comments from Federal Reserve Chairman Jerome Powell on the outlook for rate cuts. Treasury yields and the dollar fell. Oil plunged. The S&P 500 rose 1.3% and the Nasdaq 100 rose 1.6%, hitting its first record high since February. WestTexas fell almost 15% in two sessions to settle near $64 per barrel. Two-year yields fell to their lowest level since early May. Markets are pricing in two Fed cuts by the end of 2025, the VIX down 12.5% at 17.43.

The US attack on three nuclear sites in Iran over the weekend unleashed a wave of volatility and uncertainty, which surprisingly ended Monday with the equity market up almost 1% and oil down 8%, after Iran fired multiple missiles at the US military base in Qatar, which were intercepted in what was seen as a weak retaliation. Treasuries finish higher across the curve, slightly higher on the short side where yields fell 6bps. VIX fell to 20.3...

Trump gave indications that the US has not decided to participate directly in the Iran-Israel conflict, whose first negotiations with European representatives did not advance significantly, leading to declines in US equities despite earlier gains in Asia and Europe. Treasuries started the day down, but recovered, dropping yields 2bps across the curve, similar to what happened with European sovereign curves. On the commodities side, we saw a mostly negative session, although with no significant impact changes. VIX fell to 21...

The US announced plans to expand its sanctions on Chinese technology companies, leading to a drop in US equities of up to 1.6% in the Nasdaq, which however recovered most of the fall, closing -0.3% and 0.05% in the S&P500. The treasury curve had a slight bull steepener, with short bonds gaining (-3bps yields) and short bonds remaining flat....