The Iran-Israel war continues, but risk assets dismissed the impact today, with global equity indices rising 0.5-1.5%. The treasury curve is showing expectations of more inflation in the short/medium term, with bonds falling again, which lifted yields 3-7bps despite the fact that in Europe they fell 1-2bps; rate futures continue to point to two cuts this year by the Fed despite the movements in the middle and long part of the curve. In commodities, energy returned 2%, back to $71 WTI and $73 Brent, while metals ended mixed. VIX fell to 19.

Venezuela and PDVSA fell slightly, closing 0.1pts below Friday's levels.

In Latin American credits we saw very little movement, seeing mixed variations of 0.25pts.