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...

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...

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...

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...

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...

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...

Rates rose globally, led by UK Gilts, which rose up to 20bps after Rachel Reeves' position as Chancellor of the Exchequer, who has had a fiscally restrictive stance, was called into question, which also caused sterling and UK equities to fall; in the US long rates rose up to 6bps, in a session where the Nasdaq rallied and the Dow closed flat. In commodities, we saw significant rallies in energy and metals, which rose 1-4%...

Mid-day session that ends the week with a much better than expected jobs report, generating significant declines in the treasury curve that had a bear flattener (+9bps short yields and +6bps long) as the expectation of rate cuts by the Fed was reduced to -50bps again, being the first cut between September and October and the next one in December. Equities...

July started with declines in Asian and European equities, while in the US we saw an unusual rotation from tech/growth to value, with the Dow Jones rising 1% and the Nasdaq falling 0.9%. In rates, the treasury curve had a bear flattener, with short bonds falling (+5bps yields) and long bonds flat, with the 2y-20y and 2y-30y spreads returning to 100bps. Within commodities, energy and metals rose...