Global fixed income advances today, led by European sovereigns whose yields fell 7-10bps, followed by 4-6bps in the treasury curve, in the face of a 0.6% depreciation of the dollar. On the equities side, mixed results in Europe and Asia, while in the US there was a slight advance. Within commodities, agriculture fell along with energy, while metals gained 1-2%, with gold returning to $3400. VIX rose to 17.

Venezuela and PDVSA started with a significant wave of demand that put the bonds up +0.5-0.75pts in the morning, but then seeing a good amount of selling that brought the bonds back to +0.25pts on the day, with volumes concentrating on the long side of Venezuela and the mid side of PDVSA. Jorge Rodriguez said that the government will always be willing to negotiate with the US.

In Latin American credits, Argentina opened +0.5pts but closes flat after mid-morning sell-off, while Ecuador and the Dominican Republic did hold the morning advance, closing +1pt and +0.75pts, respectively, as the region's leaders.