The S&P 500 and the Nasdaq 100 hit new record highs, rising 0.8% and 1.6% today, respectively, after it was confirmed that the truce between the U.S. and Iran had been extended; earlier, Asian equities had risen while European equities fell by an average of 0.5%. In terms of rates, we saw global increases of 3-5 bps, marking the 8th consecutive depreciation of the dollar. Commodities had a modest day, with energy closing flat after trading higher for most of the day, while metals and agriculture closed higher across major sectors. The VIX fell to 18, its lowestclosesince late February.

Venezuela and PDVSA continue to set records, with the sovereign yield curve rising by 1 point today and the PDVSA yield curve by 1.5–2 points, amid heavy trading volume across both curves, following news that an IMF delegation is ready to begin technical-level talks with Venezuela.

In Latin American bonds, yields fell by 0.25–0.5 percentage points for investment-grade issues and by 0.10–0.25 percentage points for high-yield issues, with trading volumes below average.