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....

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 long bonds remaining flat, which took 2y-20y and 2y-30y spreads above 100bps again. Commodities fell across the board against an unchanged dollar. VIX stable at 19.3. Venezuela and PDVSA had more selling in the sovereign long side, which fell 0.5pts, while the rest of the sovereign curve and PDVSA remained basically flat. Latin American credits close flat and down 0.3pts on low volumes, with spreads widening slightly.

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 long bonds remaining flat, which took 2y-20y and 2y-30y spreads above 100bps again. Commodities fell across the board against an unchanged dollar. VIX stable at 19.3. Venezuela and PDVSA had more selling in the sovereign long side, which fell 0.5pts, while the rest of the sovereign curve and PDVSA remained basically flat. Latin American credits close flat and down 0.3pts on low volumes, with spreads widening slightly.

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 long bonds remaining flat, which took 2y-20y and 2y-30y spreads above 100bps again. Commodities fell across the board against an unchanged dollar. VIX stable at 19.3. Venezuela and PDVSA had more selling in the sovereign long side, which fell 0.5pts, while the rest of the sovereign curve and PDVSA remained basically flat. Latin American credits close flat and down 0.3pts on low volumes, with spreads widening slightly.

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 long bonds remaining flat, which took 2y-20y and 2y-30y spreads above 100bps again. Commodities fell across the board against an unchanged dollar. VIX stable at 19.3. Venezuela and PDVSA had more selling in the sovereign long side, which fell 0.5pts, while the rest of the sovereign curve and PDVSA remained basically flat. Latin American credits close flat and down 0.3pts on low volumes, with spreads widening slightly.

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 long bonds remaining flat, which took 2y-20y and 2y-30y spreads above 100bps again. Commodities fell across the board against an unchanged dollar. VIX stable at 19.3. Venezuela and PDVSA had more selling in the sovereign long side, which fell 0.5pts, while the rest of the sovereign curve and PDVSA remained basically flat. Latin American credits close flat and down 0.3pts on low volumes, with spreads widening slightly.