Morning View
Inflation in the Eurozone was +2% year-on-year in July.
International
Yesterday, the Eurozone inflation figures for July were published, showing no change in July, while year-on-year inflation stood at +2.0%. On the other hand, the core measurement, which excludes food and energy, showed a decline of -0.2% (implying a nominal decline in prices), and in year-on-year terms it was +2.3%.
In the United States, the main stock indices contracted on Tuesday. The S&P 500 fell -0.6% during the session, while the Nasdaq fell -1.4%. On the other hand, the Dow Jones remained unchanged at the close. So far in 2025, the indices have accumulated variations of +9.0%, +10.4% and +5.6%, respectively.
Meanwhile, US Treasury bond yields compressed slightly. The 1-year bond closed at +3.91%, just below the previous 3.93%, while the 3-year bond closed at 3.71%, also below the previous 3.73%. In the 10-year tranche, the yield closed at 4.31%, below the previous 4.33%.
Fuente: PUENTE Hnos, Bloomberg
In the United States, the start of the week was neutral for stock indices.
International
Yesterday marked a neutral start to the week for the major US stock indices. The S&P 500 and Nasdaq closed unchanged, while the Dow Jones fell by 0.1%. So far in 2025, the indices have accumulated gains of +9.6%, +12% and +5.6%, respectively.
Over the weekend, US President Donald Trump and Russian leader Vladimir Putin met in Alaska. This week, the focus will be on possible progress in negotiations with Ukraine to achieve a ceasefire or a possible peace agreement. Meanwhile, Europe and the United States are reportedly beginning to work on a security plan to reinforce Ukrainian troops.
On the other hand, US Treasury bond yields did not undergo any major changes either. The 1-year bond closed at +3.93%, just above the previous 3.92%, while the 3-year bond closed at 3.73%, also exceeding the previous 3.71%. In the 10-year tranche, the yield closed at 4.33%, slightly exceeding the previous Friday's yield of 4.32%.
Finally, Chile published its GDP (Gross Domestic Product) data for the second quarter of 2025, which was +0.4% for the period, as projected by the consensus of analysts, although in year-on-year terms it stood at +3.1%, above the projected +2.9%.
Fuente: PUENTE Hnos, Bloomberg
