Advance in the treasury curve (-5bps), as the Trump administration increases pressure on Powell and the Fed to cut rates, leading futures to discount the 25bps cut in September, another 25bps in October and a 50% probability of one more in December. Equities had another positive close globally, led by Asian indices that gained more than 1%, and in the US the Dow (+1%) better than the Nasdaq (+0.12%). In commodities, crude oil fell for the 9th time in 10 sessions, with WTI falling to $62, its lowest level since June. The dollar depreciated 0.25% (DXY 97.86), erasing the last month of appreciation.

In Venezuela and PDVSA, there was an advance of 2pts in PDV'20 on the news that Elliot also made a last minute bid for Citgo, in which, like Vitol, they would seek to resolve the PDV'20 situation; the rest of the PDVSA curve and the sovereign curve fell 0.1-0.25pts.

Latin American credits had a positive day in the face of risk-on and treasury advances, led by sovereign Brazil and Chile, which rose by as much as 1pt, with the rest of the region's major names up 0.5pts on average.