The treasury curve fell sharply, with yields rising 6-7bps after the Treasury announced that the long bond auctions will be larger than anticipated, while the services data was stronger than expected; previously, in Europe yields rose 3-4bps. In equities, the Japanese Nikkei fell 2.5%, but in Europe and the US there were gains, again led by the Nasdaq (+0.65%), accumulating +21.7% for the year. In commodities, energy fell almost 2%, ending below $60 for WTI and $64 for Brent; metals rose up to 2% and in agriculture, coffee led the way by gaining 2%, reaching almost 30% for the year. The dollar was flat and the VIX retreated to 17.3.

Venezuela and PDVSA saw limited activity, with bonds retreating towards yesterday's lows, -0.5pts sovereign and -0.25pts PDVSA average.

In Latin American credits, Argentina sovereign led the region, up 1pt on average, leaving the curve at 10% yield, and even the '29s falling below 10%; Ecuador also rose 0.5pts, while the rest of the region fell 0.25-0.75pts as treasuries fell.