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...