Morning View

In the United States, unemployment stood at 4.4% in September

International

Yesterday, September employment data for the United States was released, delayed due to the now-ended partial shutdown of the federal government. The Bureau of Labor Statistics (BLS) reported that unemployment rose slightly during the month, from 4.3% in August to 4.4% in September, while 119,000 jobs were created during the month, exceeding the expected 51,000. The August figure was also revised downward from +22,000 jobs created to -4,000.

U.S. stock indices suffered significant declines yesterday. The S&P 500 fell -1.6%, while the Nasdaq fell -2.2% and the Dow Jones fell -0.8%. So far in 2025, the indices have accumulated variations of +11.2%, +14.3% and +7.5%, respectively.

On the other hand, the US Treasury bond yield curve flattened yesterday. The 1-year bond went from 3.66% to 3.65%, while the 3-year bond varied from 3.59% to 3.53% and, finally, the 10-year bond stood at 4.08%, down from 4.14% previously.

Sources: PUENTE Hnos, Bloomberg

In the United States, the minutes of the October monetary policy meeting were published

International

Yesterday, the US Federal Reserve published the minutes of its October monetary policy meeting. Among the highlights, it was noted that “many” participants suggested that it would be appropriate to keep interest rates unchanged for the remainder of the year, as several members pointed out that inflation is taking longer than expected to reach the 2% annual target. Currently, the market assigns a 30% probability of an interest rate cut at the next meeting in December.

Yesterday, Nvidia also released its third quarter 2025 balance sheet. After the market closed, the company reported revenues of USD 57.01 billion, above the expected USD 55.19 billion, showing +62% year-on-year growth, while its earnings per share (EPS) were USD 1.3, also exceeding the expected USD 1.24. The stock reacted positively after the market closed.

As for U.S. stock indices, they closed with widespread gains on Wednesday. The S&P 500 advanced +0.4%, while the Nasdaq rose +0.6% and the Dow Jones +0.1%. So far in 2025, the indices have accumulated variations of +12.9%, +16.8%, and +8.4%, respectively.

On the other hand, the yield on US Treasury bonds widened slightly. The 1-year bond rose from 3.65% to 3.67%, while the 3-year bond widened from 3.57% to 3.58% and, finally, the 10-year bond stood at 4.13%, up from 4.11% on Monday.

Sources: PUENTE Hnos, Bloomberg