Morning View
In the United States, the Fed will decide on interest rates this week
International
This week, the US Federal Reserve will hold its penultimate monetary policy meeting of the year. A 25 basis point cut in interest rates is expected, which currently stand at 4.00%-4.25%. In addition, some analysts estimate that Quantitative Tightening could be reduced or ended.
Last Friday, US inflation data was released, despite the ongoing partial shutdown of the federal government. Inflation stood at +0.3% monthly and +3.0% year-on-year, while the core measure, which excludes food and energy, stood at +0.2% monthly and +3.0% year-on-year, in all cases slightly below projections.
The major stock indices had a day of significant gains on Friday. The S&P 500 hit another record high and advanced +0.8%, the Nasdaq +1.1% and the Dow Jones +1.0%. So far this year, the indices have accumulated gains of +15.5%, +20.2% and +11%, respectively.
The U.S. Treasury bond yield curve did not undergo any major changes. The 1-year bond closed with a yield of 3.58%, unchanged from Thursday, while the 3-year bond closed at 3.48%, down from 3.49%, and the 10-year bond also remained unchanged, closing at 4.00%.
Finally, regarding the results for the third quarter of 2025, 29% of the companies in the S&P 500 have already filed their reports: 87% exceeded earnings expectations and 83% reported positive surprises in revenues. This week, Visa, UnitedHealth, Booking, Caterpillar, Boeing, Verizon, MercadoLibre, CVS Health, Starbucks, eBay, Kraft Heinz, Microsoft, Alphabet, Meta Platforms, Eli Lilly, Mastercard, Amazon, Apple, Exxon Mobil, AbbVie, and Chevron, among others, will report their results.
Sources: PUENTE Hnos, Bloomberg
Major stock indexes regained ground on Thursday
International
The main US stock indices saw widespread gains yesterday. The S&P 500 recovered +0.6%, while the Nasdaq also advanced +0.9% and the Dow Jones +0.3%. So far in 2025, the indices have accumulated variations of +14.6%, +18.8%, and +9.8%, respectively.
The US Treasury bond yield curve widened on Thursday. The 1-year bond closed with a yield of 3.58%, up from 3.55% on Tuesday, while the 3-year bond closed at 3.48%, also up from 3.44%, and the 10-year bond closed with a yield of 4.00%, up from 3.95% on Wednesday.
Commodities advanced across the board. Gold closed at USD 4,115 per ounce, up +0.4%. Oil rose significantly, with WTI at USD 61.6 per barrel and Brent at USD 65.8 per barrel, up +5.4% and +5.2%, respectively. Soybeans rose +0.9% to USD 383.6 per ton.
Finally, yesterday Intel presented its results for the third quarter of 2025, exceeding analysts' consensus expectations, with revenues of USD 13.7 billion and earnings per share (EPS) of USD 1.52. Today, P&G presented its results and also exceeded projections, with revenues of USD 22.4 billion and EPS of USD 1.99.
Sources: PUENTE Hnos, Bloomberg
