U.S. consumer spending data came in worse than expected, causing a slight pullback in U.S. equities, with the Nasdaq down 0.28% and the S&P 500 down 0.20, along with a rise in interest rates of 2–5 bps in the U.S. and up to 10 bps in Europe. In commodities, crude oil rose 1.5% on average, while metals and agricultural commodities also rose. Venezuela and PDVSA fell 0.1–0.2 points. Trading volume was very limited. Latin American bonds saw declines of 0.25–0.5 points, with spreads moving in line with the drop in Treasuries; Ecuador stood out, rising 0.25 points after S&P upgraded the country’s rating from B– to B.

Stocks fall as Brent crude tops $90 amid risks in the Middle East. Stocks followed bonds lower amid concerns that high oil prices could fuel inflation, as hopes for an agreement to end the war with Iran dim...

It was a mixed day in the U.S., with the major indices closing slightly lower: the Nasdaq fell 0.6%, the S&P 500 dropped 0.3%, and the Dow Jones declined 0.3%, while Europe (Stoxx 600) rose 0.2% and Asia closed mixed, with the Kospi up 0.7% and the CSI 300 down 0.8% (the Nikkei was flat). In the fixed-income market, we saw a bull...

The session was dominated by the verbal escalation between Trump and Iran over the Strait of Hormuz. Trump demanded compensation for victims of improvised explosive device attacks and extended the claim to include damage in Lebanon, Syria, Yemen, and Gaza, dampening expectations of a quick agreement to reopen the waterway...

The week wraps up with the U.S. nonfarm payroll report taking center stage, showing that payrolls fell by 23,000 in July compared to the 80,000 the market had expected, following a combined downward revision of 103,000 jobs in May and June. The unemployment rate fell to 4.1%, though this was due to a lower labor force participation rate, and the...

This escalation of tensions between the U.S. and Iran led to a nearly 9% plunge in crude oil prices, with WTI closing at $81.94 and Brent at $87.81, triggering a bull flattening of global interest rates, with long-term yields falling more than short-term yields, compressing the yield curve’s slope, with declines of up to 4 bps in Europe and 3 bps at the long end of the...

A positive session for global equities amid a sharp rally in semiconductors and memory companies, leading to a 1.3% gain in the Nasdaq and a 0.9% gain in the S&P 500, following gains in Asia and, to a lesser extent, in Europe. In commodities, crude oil continues to rise, closing 2% above the price...

Global yields rose at the start of the week, led by U.K. gilts, which rose as much as 9 basis points following the confirmation of the new cabinet, followed by Treasuries, which rose as much as 5 basis points amid a new surge in oil prices, with WTI closing at $84 and Brent at $90—the highest level in five weeks...

Inflation in the U.S. in June was significantly lower than expected, with the monthly headline rate falling 0.4% and the core rate coming in at 0.0% (vs. -0.1% and +0.2% expected, respectively), while the annual headline rate was 3.5% and the core rate was 2.6% (vs. 3.8% and 2.8%, respectively). As expected, assets at the...