The week ended with a wave of selling in Asian and European equities, whose indices fell more than 1%, infecting the start of the US session where the Nasdaq fell almost 2% at the opening but then we saw a significant wave of buying that led both the Nasdaq and the S&P to close flat. In fixed income we also saw selling, with yields rising in both Europe and the US by 3-4bps. In commodities, energy rose 2%, leaving WTI above $60 and Brent above $64, while metals and agriculture declined 1-3%. The dollar appreciated slightly (DXY 99.31) and the VIX was stable around 20.

Venezuela and PDVSA rose again, 0.5pts up sovereigns and 0.25pts PDVSA, also seeing demand for PDV'20s which are trading above par after Citgo released its quarterly financial report.

In Latin American credits we did not see relevant movements, with a mostly negative tone, but variations were up to -0.3pts.