Treasuries ended with a bull steepener, with short-term bonds rising and long-term bonds falling, bringing the 2-year/20-year spread back to 122bps and the 2-year/30-year spread to 126bps. In equities, there was a significant difference between indices, with the Dow falling 0.83% and the Nasdaq rising 0.91%, while in Europe and Asia there were increases of 0.5-1%. In commodities, energy continues to recover, with both WTI and Brent gaining 2.5%, reaching +8% and +10% for the year, respectively; in metals, gold and silver remain unstoppable, rising 2% and 4%. The dollar depreciated 1%, hitting a 4-year low (DXY 96.2).

Venezuela and PDVSA saw sales from the start of the session, particularly PDVSA, which closed down 0.3 points, while in Venezuela there was demand for high-coupon bonds such as V22, V27, and V31.

Latin American credits remain in demand, with Ecuador's new bonds trading up to +2pts from their original price yesterday; Argentina also gained 0.7pts today and the rest of the region gained an average of 0.3pts.