A disappointing jobs report, and more importantly, revisions of more than 260,000 jobs from the initial data between May and June led to a very aggressive rally in treasuries, marking an accentuated bull steepener in which short bonds saw yields fall by up to 27bps and long bonds by 10bps, on the expectation of an imminent first cut in September of 25bps and now 150bps more between October and December in the face of a very different picture of the US labor market than the one we had until recently. The equities market, which was already under pressure due to the entry into force of tariffs to several countries, fell even more after the data, in addition to the sending of two US nuclear submarines to Russia to counteract "provocations" and the subsequent dismissal of the head of the US statistics department; Nasdaq closed -2.25% and the S&P500 -1.6%. In commodities, energy fell 3% due to the expectation of lower demand, while in metals, gold rebounded 2% and in agriculture there was a fall of 1% on average.

Venezuelan bonds saw very little activity, remaining -0.25-0.5pts on the day.

In Latin American credits, Mexico gained 0.5pts as did Peru; while Argentina, Ecuador and El Salvador all fell 0.5-0.75pts.