Morning View
US Treasury yields traded mixed, with the 10-year note at 4.33%.
International
US Treasury yields moved slightly yesterday. The 1-year bond ended at 4%, up from 3.99% previously, the 3-year bond fell to 3.85% from 3.87%, and the 10-year bond fell to 4.33% from 4.37% previously.
Meanwhile, major US equity indices ended neutral on Tuesday. The S&P 500 fell -0.2%, while the Nasdaq was unchanged, and the Dow Jones fell -0.4%. For the year, the indices are down -8.2%, -12.9% and -5.1%, respectively.
Yesterday, the US government hinted that it is looking to negotiate with China to ease trade tensions. White House press secretary Karoline Leavitt read a statement from Trump saying that ‘the ball is in China's court, they need to make a deal with us. We don't have to come to an agreement with them’. In turn, he said ‘there is no difference between China and any other country, except that they are much bigger, and China wants what we have, what every country wants, - the American consumer - or, in other words, they need our money’. In addition, the government is reportedly considering at least 15 negotiating proposals with other countries.
Finally, Johnson & Johnson, Bank of America and Citibank reported their Q1 2025 results. In all cases, the companies beat analysts' consensus projections for both revenues and earnings per share (EPS). Johnson & Johnson reported revenues of USD 21.89 billion and EPS of 2.77, Bank of America reported USD 27.4 billion in revenues and USD 0.9 EPS, and Citibank reported revenues of USD 21.6 billion and EPS of USD 1.96.
Fuente: PUENTE Hnos, Bloomberg
In the United States, major equity indices opened the week higher
International
In the US, the major equity indices opened this week with gains across the board. The S&P 500 advanced +0.8%, while the Nasdaq was +0.6% higher than on Friday and the Dow Jones +0.8%. Thus, for the year, the indices accumulated variations of -8.1%, -12.8% and -4.7%, respectively. It is worth noting that this week will be short due to the Good Friday holiday.
Elsewhere, US Treasury yields compressed in the first round of trading this week. The 1-year bond ended at 3.98%, down from 4.02%, the 3-year bond fell to 3.87% from 4% the previous Friday, and the 10-year bond retreated to 4.38% from 4.49%.
The Q1 2025 company balance sheet season has begun, and there are expectations for the outlook going forward, given the change in the macroeconomic backdrop due to tariff policy. Goldman Sachs reported its results yesterday, posting revenues of USD 15.1 billion and earnings per share (EPS) of USD 14.12, both of which beat analysts' consensus forecasts. Johnson & Johnson, Citibank and Bank of America will report their results today.
Fuente: PUENTE Hnos, Bloomberg
