Morning View

In the US, the week ended slightly negative ahead of inflation data.

International

In the United States, equity indices closed the week negatively. The S&P 500 fell -0.3% for the week, the Nasdaq just -0.1%, and the Dow Jones declined -1%. In 2025, the indices have accumulated gains of +6.4%, +6.6% and +4.3% respectively.

This week the focus will be on the June inflation data. Prices are expected to have moved +0.3% month-on-month and +2.6% year-on-year, while the core measure, which excludes food and energy, is expected to be around +2.9% year-on-year. On the other hand, the Q2 2025 balance sheet reporting season is also starting, which will be particularly important to see the real effect that companies may have had from the application of import tariffs.

Finally, US Treasury yields were little changed. The 1 year bond closed with a yield of 4.07%, unchanged from the previous week. The 3-year bond closed at 3.86%, up from 3.84% previously, and the 10-year bond advanced to 4.42% from 4.25% the previous Friday.

Translated with DeepL.com (free version)

Fuente: PUENTE Hnos, Bloomberg

In the US, there were 227,000 claims for unemployment benefits last week.

International

In the US, the weekly jobless claims report was released yesterday. There were 227k claims last week, lower than the 236k expected and 232k in the previous week. We recall that this data comes on top of the employment data released last week: unemployment at 4.1% and 147 thousand jobs created in the month.

In this context, the main US equity indices closed the day mixed. The S&P 500 rose +0.3% and the Dow Jones +0.4%, while the Nasdaq index rose +0.4%. As a result, equity indices are up +6.8% for the S&P 500 and the Nasdaq and +5.0% for the Dow Jones.

US Treasury bond yields remained little changed. The 1-year bond closed at a yield of 4.07%, up from 4.06% previously. The 3-year bond closed at 3.84%, also up from 3.81%, and the 10-year bond advanced to 4.35% from 4.33% the previous day.

Fuente: PUENTE Hnos, Bloomberg