It was a calmer day in the market, but U.S. indices still closed higher, extending their winning streak to 12 days; the Nasdaq is up 3.7% year-to-date (YTD) and the S&P 500 is up 2.86%. Earlier, Asian indices gained 1–2%, while European indices closed mixed, down 0.5%. In terms of rates, European yields fell 1–3 bps, while the Treasury yield curve saw a slight bear steepening, with short-term yields rising 2 bps and long-term yields rising 4 bps. In commodities, energy rose 2.5%, metals were nearly flat, and agriculture fell 1–3%.

Venezuela and PDVSA remain in high demand, with PDVSA gaining 0.5 points today and sovereign bonds averaging a 1-point gain, with particularly strong demand for high-PDI securities such as V22, V26, and V31.

Latin American credit markets saw moderate trading activity, with Argentina standing out on the upside with a gain of 0.3 points and Peru on the downside with a decline of 0.5 points.