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December 22, 2025
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December 22, 2025
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December 23, 2025

Daily commentary for December 23, 2025.

Avsecurities

Equities rose globally after an exceptional US GDP report, with the economy growing 4.3% in the third quarter on an annualized basis vs. the expected 3.3%, while Treasuries ended with a bear flattener in which short-term bonds fell (+3bps yields) and long-term bonds remained flat, amid reduced expectations of a third 25bps cut in 2026. In commodities, gold and silver continued to advance strongly, gaining 1% and 3%, respectively, rising alongside energy, while base metals and agriculture closed mixed.

Venezuela and PDVSA rose 0.25 points with flows in both directions in response to Trump's strong rhetoric when referring to Venezuela again.

Latin American credits had very limited volume, with Argentina sovereign falling 0.25 pts and the rest of the region mixed at 0.15 pts.