Morning View

The yield curve on U.S. Treasury bonds widened yesterday

International

Yesterday, the US Treasury bond yield curve widened across the board. The 1-year bond yield rose from 3.50% to 3.53%, while the 3-year yield rose from 3.56% to 3.62%. The 10-year bond was no exception, with its yield varying from 4.13% to 4.17%.

Meanwhile, the main US stock indices traded higher yesterday. The S&P 500 rose +0.3%, while the Nasdaq advanced +0.2%. The Dow Jones led the rise, with a variation of +0.6%. So far this year, the indices have accumulated variations of +1.4%, +1.2%, and +2.9%, respectively.

As for commodities, the changes were mixed. Gold remained virtually unchanged, with a change of -0.2%, closing at USD 4616 per ounce. Oil fell across the board. WTI crude closed at USD 59.2, down -4.6%, while Brent fell -4.0% to close at USD 63.9 per barrel. Finally, soybeans rose +2.2% in Chicago, closing at USD 386.9 per ton.

Source: PUENTE Hnos, Bloomberg

In the United States, wholesale inflation in November was +2.8% year-on-year.

International

In the United States, wholesale inflation data for December was released yesterday. In the overall measurement, the monthly variation was +0.2%, in line with projections, although the previous figure was revised upward from +0.1% to +0.6%, resulting in a year-on-year figure of +3.0%, exceeding projections. The core measurement, which excludes food and energy, remained unchanged from the previous month, and the year-on-year variation was +3.0%. November retail sales were also published, growing at +0.6%, above the projected +0.5%.

Yesterday, the main US stock indices fell across the board. The S&P 500 fell 0.7%, while the Nasdaq fell 1.0% and the Dow Jones fell 0.1%. So far this year, the S&P 500 and Nasdaq have gained +1.0%, and the Dow Jones has gained +2.3%.

Meanwhile, US Treasury bond yields fell yesterday. The 1-year bond closed unchanged at 3.50%, while the 3-year bond closed at 3.57%, down from 3.59% on Tuesday, and the 10-year bond yield fell from 4.18% to 4.14%.

Finally, Goldman Sachs, Morgan Stanley, and BlackRock reported their fourth quarter 2025 results today. Goldman Sachs reported revenues of $13.45 billion, below the $14.49 billion forecast, and earnings per share (EPS) of $14.01 vs. $11.62 projected by the analyst consensus. Morgan Stanley reported revenues of $17.9 billion (vs. $17.72 billion expected) and EPS of $2.68 (vs. $2.41 expected). Finally, BlackRock reported revenues of $7 billion (vs. $6.75 billion expected) and EPS of $13.16 (vs. $12.44 projected).

Fuente: PUENTE Hnos, Bloomberg