Equities fell by up to 1.5% in Asia, rose by an average of 1% in Europe, and ended with slight declines in the US, in a session without any major news. Treasuries gained in the morning but gave back their gains to end essentially flat, while in Europe sovereign bonds advanced slightly. On the commodities side, energy continues to lag, ending below $57 for WTI and $61 for Brent, while metals gained and agriculture saw mixed variations. The dollar remained largely unchanged, with the DXY holding steady at 98.3.

Venezuela and PDVSA were under pressure in the morning, but we saw profit-taking in the afternoon that left bonds flat to up 0.10 points. In news, PDVSA said it suffered a cyberattack over the weekend that limited some basic functions, while also breaking gas contracts with Trinidad, accusing them of being part of the seizure of the Venezuelan ship.

In Latin American credit, Argentina rose 0.75 points after unveiling a new exchange rate scheme for 2026. The rest of the region closed up 0.25-0.5 points.