Global risk-off to start the week, with U.S. equities finishing as the worst performers, falling between 0.8-1.2% for the three major indices, following declines of less than 1% in Asia and -0.8% average for European indices as alarm bells continue to ring on high valuations and private credit problems today in the case of Jeff Gundlach. Treasuries rose slightly, with yields falling 1-3bps as well as European sovereign curves, while in commodities, precious metals fell along with energy and most agricultural items gained along with base metals.

Venezuelan bonds rose 0.25pts, amid signals from Trump on possible talks with Maduro, but saying he has done huge damage to the US.

Latin American credits saw little movement, highlighting a drop of up to 2pts in Ecuador after Noboa's surprise defeat in the local referendum, in which his four proposals were expected to pass, but were all rejected.