Trump unleashed a new wave of tariff threats, announcing a 50% tariff on the European Union starting in June and a 25% tariff on Apple and Samsung products not manufactured in the US, causing declines in European and American equities, although they recovered much of the losses. In fixed income, we saw an initial rally in Treasuries following a 7bps decline in European rates, but they closed flat on the day. In commodities, gold led the advance, gaining 2%, followed by crude oil with +1%. The VIX rose to 22.

Venezuela and PDVSA saw little activity before Monday's U.S. holiday, as did the rest of Latin American credits, which closed at a mixed 0.25pts on the day.