Global risk appetite, driven by Japanese equities and followed by European and American equities, whose indices have recovered much of the decline of the last two weeks; Treasuries saw a negligible decline (yields +2bps) and European sovereigns were flat. In commodities, energy and agriculture posted slight gains, while precious metals led a new rally, with silver gaining 4% and gold 1.2%. The dollar depreciated 0.1% (DXY 97.7), and the VIX fell to 18.

Venezuelan bonds continue to trade at low volumes compared to the rest of the year, but we saw an improvement today, with prices remaining flat to up 0.25 pts, and demand for short-term paper on both curves.

There is little to highlight in Latin American credits, with mixed variations of 0.25 points and no major names standing out from the range.