The producer price index showed a very different picture from yesterday's consumer price index, far exceeding expectations (monthly 0.9% vs 0.2% exp and annual 3.3% vs 2.5% exp), leading to a drop in the treasury curve (yields +5bps) in light of a readjustment of rate cut expectations for the remainder of the year; while equities traded in the red throughout the day but closed flat in light of a wave of buying at the close of the session. In commodities, crude oil broke the negative streak, gaining 2%, while metals and agriculture fell.

Venezuelan bonds fell 0.10-0.15ppts, seeing more activity in the middle part of the sovereign curve and the short PDVSA curve. PDV'20 remains in demand but with no supply, ending in context 93-95.

Major Latin American credits end -0.25 to -0.5pts with low volumes on risk-off and Treasury curve tightening.