It was a positive session for global equities amid a sharp rally in semiconductors and memory companies, leading to a 1.3% gain in the Nasdaq and a 0.9% rise in the S&P 500, following gains in Asia and, to a lesser extent, in Europe. In commodities, crude oil continued to rise, closing 2% above yesterday’s price, with WTI returning to $85 and Brent to $92. This has also driven a rise in yields of 2 basis points in Europe and up to 6 basis points across the Treasury yield curve, which experienced a bear flattening amid a significant increase in the probability of rate hikes by the Fed, which now estimates a 50% chance of a second 25-basis-point hike toward the end of the year. The dollar appreciated 0.2% (DXY 101.2), and the VIX retreated to 17.

Venezuelan bonds opened the day down 0.25 points but closed flat, with buying at the end of the session amid a lack of major news.

In the Latin American bond market, we saw mostly selling, although there was no significant impact on prices; the region’s major yield curves retreated by an average of 0.25 percentage points, leaving spreads relative to Treasuries unchanged.