Trump said he had a "very good" conversation with Xi, and said he will visit China, leading to a risk-on wave in Chinese and US assets, gaining 2.7% on the Nasdaq and 1.55% on the S&P500 in what will be a short market week for the US Thanksgiving holiday on Thursday. Treasuries rose across the curve, seeing a bull flattener in which long bonds rose more than shorts, with yields falling 4bps and 1bp, respectively, similar to the moves in Europe. In commodities, crude oil recovered 1%, gaining alongside metals that advanced 1-2%, while agriculture closed mixed. Dollar flat and VIX retreated to 20.75 on risk-on.

Venezuelan bonds rose 0.25-0.5pts on the entry into force of the "Cartel of the Suns" as a terrorist organization, and the cancellation of multiple international flights over the weekend after the U.S. FAA said there are risks in Venezuelan airspace.

In Latin American loans, Ecuador rose 1.25pts and Argentina 0.75pts as leaders in the region, which rose an average of 0.5pts.