New risk-off session in the markets, marked by falls of more than 3% in the Nikkei, 1-2% in Europe and in the US they reached more than 2% but recovered to close less than 1% down. Treasuries were a safe haven, but ended with only a slight bull steepener, with short yields falling 4bps and long yields falling 2bps. In commodities we saw widespread gains, with energy, metals and agriculture all gaining 1-2%. The VIX rose to 24, the highest level in a month. Dollar stable at 99.5.

Venezuelan bonds between flat and down 0.1pts, seeing mixed flows.

In Latin American credits, Argentina rose 0.25pts, as did Bolivia, while the rest of the region was flat to down 0.25pts.