Morning View

In the United States, the week began with mixed economic data

International

In the United States, yesterday saw the publication of the November Purchasing Managers' Indices (PMIs) for the manufacturing sector. In the case of S&P Global, the index stood at 52.2 points, above the expected 51.9 points. On the other hand, the ISM measurement stood at 48.2 points, below the 49 points projected by the consensus of analysts. We recall that a measurement above 50 points implies expansion of activity, and below that, contraction.

In Japan, BoJ Governor Kazuo Ueda suggested a greater likelihood of rate hikes given the improved economic outlook. For its part, the bond market reacted to the announcement of an increase in short-term debt issuance to finance the new fiscal package, which pushed yields higher, especially at the short end of the sovereign curve.

In this context, the main US stock indices fell yesterday. The S&P 500 fell -0.5%, the Nasdaq -0.4% and the Dow Jones -0.9%. Thus, so far in 2025, the indices have accumulated variations of +15.8%, +20.5% and +11.2%, respectively.

Meanwhile, US Treasury bond yields widened yesterday. The 1-year bond closed at 3.60%, up from 3.60% previously, the 3-year bond rose to 3.54% from 3.49%, and the 10-year bond closed at 4.09%, also exceeding the previous 4.01%.

Sources: PUENTE Hnos, Bloomberg

In the United States, last week ended on a positive note for stock indices

International

In the United States, the main stock indices ended with widespread gains in a week of reduced trading due to Thanksgiving. On Friday, the S&P 500 gained +0.5%, the Nasdaq +0.7%, and the Dow Jones +0.6%, bringing their year-to-date gains to +16.4%, +21%, and +12.2%, respectively. 

This week, the focus will be mainly on September's Personal Consumption Expenditures (PCE) inflation data. A monthly measurement of +0.3% and +2.8% year-on-year is expected, while the core measurement, which excludes food and energy, is expected to be +0.2% monthly and +2.8% year-on-year. The ADP private employment data will also be released. It is expected that 20,000 jobs were created in November.

Meanwhile, US Treasury bond yields rose slightly on Friday. The 1-year bond closed unchanged at 3.59%, the 3-year bond rose to 3.49% from 3.47%, and the 10-year bond closed at 4.01%, also exceeding the previous 3.99%.

Sources: PUENTE Hnos, Bloomberg