April inflation came in as expected at 0.6% for the headline figure, while core inflation came in at 0.4% (vs. 0.3% exp). The annual rates—3.8% for headline and 2.8% for core—were 0.1 percentage points higher than expected, triggering equity sell-offs due to a 4-5 bps rise in U.S. rates and a 6-9 bps rise in European rates. Meanwhile, crude oil rose 4%, with WTI returning to $102 and Brent to $108, while metals and agriculture closed mixed. The dollar appreciated 0.4% and the VIX remained stable at 18.

Venezuelan bonds fell by an average of 0.25 points, with more selling in PDVSA than in Venezuela, widening the spread between the two issues slightly.

Latin American credit spreads narrowed by 0.25–0.5 percentage points