Venezuelan bonds rallied sharply on Monday after U.S. military action against Venezuelan President Nicolas Maduro, yet analysts warn the gains are built on extreme risk and high speculation.
Defaulted government bonds jumped to 42 cents, up from 33 cents. Bonds for state oil firm Petroleos de Venezuela (PDVSA) also rose.
However, the fundamentals remain deeply troubled. Total government and PDVSA debt of 100 billion U.S. dollars eclipses Venezuela’s entire 80 billion-U.S. dollar GDP, signaling a severe inability to repay.
Analysts said that the economy in Venezuela has contracted to half its pre-default size with no real recovery. Thin trading volume also means prices are easily swung by minor transactions, amplifying liquidity risks.
The U.S. military launched a series of attacks against Venezuela on Jan 3, forcibly seizing Venezuelan President Maduro and his wife. Beyond military targets, the operation also resulted in casualties.
Venezuelan bonds rally sharply with high risk
China's ice and snow tourism is entering "a new stage of sustained prosperity," with the season from December 2025 to February 2026 expected to see 360 million winter tourism trips and around 450 billion yuan (about 64.31 billion U.S. dollars) in revenue, according to a report released on Monday by the China Tourism Academy (CTA).
The report points out that the ice and snow tourism market has huge growth potential. A recent CTA survey found that 74.8 percent of of respondents planned to take part in related leisure activities during the 2025-2026 winter season, and 50.5 percent intended to travel long distances to engage in winter tourism.
It notes that consumer spending is shifting from typical "hard expenses" like transportation and accommodation to more "soft expenses" such as entertainment, cultural experiences and technology, reflecting a shift in both the quality and structure of winter tourism in China.
According to the report, in addition to the country's northern snow belt, which houses traditionally popular ski destinations, central and southern regions have also created their own winter wonderland, largely by building indoor resorts.
It says that indoor complexes have become a key investment area, fueling year-round tourism demand.
China expects 360 mln ice, snow tourism trips in 2025-2026 winter season: report
