Key messages:

• Continuation of price increase in metals
• Alliance formation between US, India, Japan and Australia against China with reciprocal measures
• Mexico announces sharp increase in corporate pension insurance contributions
• While CSN and Vale benefited from high metal prices, Cemex and Elementia were supported by the strong US real estate market
• This month we have been more active in the new issues market, while at the same time reducing positions prone to illiquidity