Positive start to the week for equities globally, with US equities rebounding up to 2% after Friday's declines; in fixed income, European sovereigns were in significant demand, with yields falling 5-7bps, while US long bonds fell up to 3bps in long yields, with 20y-30y yields falling below 4.8%. In commodities, oil retreated 1.5% on Trump's threats to India of higher tariffs if it continues to buy oil from Russia, leaving WTI at $66; metals and agriculture ended in green 0.75% on average.

Venezuela and PDVSA were in demand throughout the day, but there was no major price movement, leaving both curves +0.10pts.

In Latin American credits, Pemex continues to set the pace as the best name in the region, up 1pt on long bonds, followed by Dominican Rep. which gained 0.5pts.