Morning View

In the United States, Purchasing Managers' Indices surprised on the upside.

International

Yesterday, the preliminary Purchasing Managers' Index (PMI) figures for August were published, showing a positive surprise for both manufacturing and services, with readings of 53.3 and 55.4 points, respectively. Remember that above 50 points, these indicators show expansion in that sector, while below 50 points, they show contraction.

On the other hand, weekly unemployment benefit claims surprised on the upside. There were 235,000 claims in the previous week, above the expected 226,000. In this context, US Treasury bond yields widened. The 1-year bond closed at +3.95%, above the previous 3.90%, while the 3-year bond closed at 3.74%, also exceeding the previous 3.70%. In the 10-year tranche, the yield closed at 4.32%, while the previous yield had been 4.29%.

Meanwhile, the main stock indices contracted again yesterday. The S&P 500 fell -0.4%, while the Nasdaq fell -0.3%, as did the Dow Jones. So far in 2025, the indices have accumulated variations of +8.3%, +9.3% and +5.3%, respectively.

In the Eurozone, preliminary Purchasing Managers' Indexes for August were also released, showing mixed data. In the case of services, the measurement was 50.7 points, just below the expected 50.8, although in manufacturing it was 50.5 points, above

Source: PUENTE Hnos, Bloomberg

In the United States, the minutes of the Fed's monetary policy meeting were published.

International

Yesterday, the minutes of the Federal Reserve's latest monetary policy meeting, held at the end of July, were released. The Fed reiterated that it saw a slowdown in economic activity in the first half of 2025 and that employment remains strong. However, they mentioned that inflation is “somewhat elevated” and, furthermore, most Fed members believe that “of the two risks [inflation and employment], the risk of rising inflation is the greater.”

In this context, US Treasury bond yields remained virtually unchanged. The 1-year bond closed at +3.90%, just below the previous 3.91%, while the 3-year bond closed at 3.70%, also just below the previous 3.71%. In the 10-year tranche, the yield closed at 4.29%, down from the previous 4.31%.

Meanwhile, the major stock indices contracted again on Wednesday. The S&P 500 fell -0.2%, while the Nasdaq fell -0.7%. The Dow Jones remained unchanged at the close. So far in 2025, the indices have accumulated variations of +8.7%, +9.6%, and +5.6%, respectively.

Source: PUENTE Hnos, Bloomberg