Global yields rose at the start of the week, led by U.K. gilts, which climbed as much as 9 basis points following the confirmation of the new cabinet, followed by Treasuries, which rose as much as 5 basis points amid a fresh surge in oil prices, with WTI closing at $84 and Brent at $90—the highest levels in five weeks. Equities rose in China, were flat in Europe, and ended slightly lower in the U.S., with technology/growth stocks performing slightly better than value stocks despite the move in yields. The dollar appreciated 0.2% (DXY 100.95) and the VIX fell to 18.4.

Venezuelan bonds were sold off from the start, continuing the trend from late last week, with both yield curves falling 0.5 points; the short end of the sovereign curve fared slightly better, and overall, there was buying of Elecar and PDV’20.

In Latin American bonds, there were few significant moves, with the major issues closing between flat and down 0.25 points on average volume.