The US trade court blocked Trump's tariffs, declaring them illegal. Trump responded by saying he would take the case to the Supreme Court. However, the market effect was positive, with equity indices gaining an average of 0.4% (although they were up more than 1% at one point, giving back some of their gains following disappointing personal consumption data), while Treasuries advanced, with yields falling 5 bps across the curve amid lower global rates. In commodities, crude oil fell, metals advanced, and agriculture fell mixed against a 0.6% depreciation of the dollar.

Venezuela and PDVSA fell 0.25 points after confirmation that PDVSA had taken control of Chevron's operations in the country.

In Latin American credits, we again saw improved performance in IG names, which have moved in tandem with Treasuries, while HY today had mixed variations of 0.25 points.