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...

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...