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.

Very little activity in Latin American fixed income after yesterday's holiday, with basically all relevant names ending in a range of +- 0.25pts for the day.