The U.S. and Iran announced that they had reached an agreement to end the war, which would be signed this Friday, triggering a risk-on rally in the markets, with the Nasdaq rising nearly 3% and the S&P 500 up 2% following gains of 5% in Japan and 1% in Europe. Interest rates fell less than expected, dropping 5 basis points in Europe and an average of 2 basis points in the U.S., while crude oil closed at its lowest level since February (WTI $81; Brent $83); other commodities closed higher amid a 0.2% depreciation of the dollar.

Trading in Venezuelan bonds was very limited, with some selling of long-term sovereign bonds and demand for short-term ones, but both yield curves closed essentially flat.

In Latin American bonds, the Dominican Republic saw long-term bond yields rise by as much as 1pt, as did El Salvador, with the region up an average of 0.5pts amid a global appetite for risk.