Elizabeth Regis

Week of March 24 to 28 

Global markets in motion: Uncertainty in the U.S., recovery in Europe, challenges in China, and monetary adjustments in Mexico. 

• United States 
  Analysts expect S&P 500 earnings to grow 7.7% year-over-year in Q1 2025, the slowest pace since Q3 2023. Trump announced a 25% tariff on all cars manufactured outside the country. Consumer confidence fell amid inflation fears. Q4 2024 GDP was revised upward, showing an annualized growth of 2.4%, driven by consumption. 

• Europe 
  Economic activity advanced at its fastest pace in seven months, led by the manufacturing sector. In the United Kingdom, inflation slowed to 2.8% year-over-year, better than expected. 

• China 
  In response to rising tariffs, Premier Li Qiang called for opening global markets. Industrial profits fell 0.3% year-over-year as of February. 

• Brazil 
  The government considers that conditions may arise to begin interest rate cuts in the second half of the year. 

• Mexico 
  Inflation in the first half of March moderated to 3.67% year-over-year. In line with expectations, the Bank of Mexico cut the benchmark rate by 50 basis points, bringing it to 9%. 

Staying informed will help you better understand the current macroeconomic context. 

Important events in the coming weeks 

• April 01: In the United States, the ISM Manufacturing Index will be released. 
• April 04: In the United States, employment figures will be published. 

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From the U.S. to Brazil, central banks have taken a cautious and more conservative stance.

Investors remain focused on monetary policy perspectives. 

Week of March 17 to 21 

Investors are closely watching developments in monetary policy. Here are the key events: 

• U.S.: Retail sales rebounded in February (+0.2%), while the Fed kept rates steady and projected only two rate cuts this year, adopting a more cautious tone. 

• Europe: The BoE maintained its rate at 4.5% and highlighted global uncertainty. Germany passed a key fiscal package. 

• China: The People’s Bank kept rates unchanged, but consumption surprised to the upside (+4.0%). 

• Brazil: The Central Bank raised the rate by 100 bps for the third time, signaling a more moderate approach ahead. 

• Mexico: The OECD warns that 25% U.S. tariffs could lead to a recession in 2025–2026. Fitch forecasts zero growth this year and only +0.8% in 2026. Private consumption stagnated in the early months of the year. 

Signals remain mixed: while some central banks pause adjustments, trade and consumption continue to face challenges. 

In this challenging environment, adaptability and a long-term perspective will be key. 

KEY UPCOMING EVENTS 

• March 24: In the U.S., housing sector indicators will be released 
• March 27: In the U.S., the final estimate for Q4 2024 GDP will be published

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Inflation, tariffs, and leadership changes have shaped the global economic agenda in recent weeks. 

Policy shifts, inflation, and trade regulations remain in the market spotlight. 

Week of March 10–14 

Markets continue to monitor changes in economic policy, inflation, and trade restrictions across various countries. Here are the key events: 

• United States | President Trump stated that the country is undergoing an “economic transition” aimed at building a strong economy. Additionally, 25% tariffs on steel and aluminum imports took effect. Inflation showed signs of slowing, with a 0.2% monthly increase in February, bringing the annual rate to 2.8%. 

• Europe | The European Union announced retaliatory tariffs on U.S. products totaling $28.3 billion, set to take effect in April. Meanwhile, Ukraine agreed to a 30-day ceasefire brokered by the U.S. 

• Japan | Q4 2024 GDP was revised downward, showing annualized growth of 2.2%, lower than the initial 2.8% estimate. 

• China | Consumer inflation fell by 0.7% in February, turning negative for the first time in over a year, reflecting deflationary pressures. 

• Brazil | The Minister of Planning warned that the government will need fiscal adjustments by 2027, creating a “window of opportunity” for short-term reforms. 

• Mexico | Following the resignation of Rogelio Ramírez de la O, Edgar Amador Zamora was appointed as the new Finance Secretary, tasked with strengthening the economy and investment. Additionally, Moody’s downgraded the outlook for the Mexican banking sector from positive to negative due to the economic slowdown and trade tensions with the U.S. 

Market volatility continues to shape financial trends. We will remain vigilant in monitoring these changes and their impact on investments. 

Key Events in the Coming Weeks 

• March 17: Retail sales data release in the U.S. 
• March 19: Federal Reserve Monetary Policy announcement in the U.S. 

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Tariffs, inflation, and interest rates continue to shape the global economy.

Key market movements: Inflation, Tariffs, and More.

Week of March 3rd to 7th

Global markets are experiencing significant shifts in monetary policies, employment, and international trade. Below is a summary of the most relevant developments:

• United States: The manufacturing sector remains in mild expansion, while employment rose by 151,000 thousand jobs, and the unemployment rate held steady at 4.1%. A 25% tariff on Canadian imports and a 10% tariff on Chinese products took effect, though some exemptions may apply in the coming months. Mexico secured an exemption for USMCA-listed products until April 2.

• Europe: Inflation in the eurozone fell to 2.4% year-over-year, but economic activity remains stagnant. The ECB cut its benchmark rate to 2.5%, marking six reductions since last June.

• Japan: Corporate investment spending contracted by 0.2% year-over-year in Q4 2024, the first decline in nearly four years.

• China: New tariffs of up to 15% on U.S. products will take effect on March 10. Additionally, the government set its GDP growth target at “around 5%” and announced further fiscal stimulus.

• Brazil: Annual inflation is projected to close at 5.65%, with the benchmark rate expected to reach 15% this year.

• Mexico: Remittances totaled $4.66 billion in January, reflecting a 10.8% monthly decline.

We will continue to monitor these events and their impact on the markets.

Important events in the coming weeks:

• March 10: Inflation data will be released in China.
• March 12 Inflation figures will be released in

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* Due to internal logistics reasons, the yields and prices are presented with the closing of March 6.

Key data of the week: inflation, economic growth, trade policies, and political developments worldwide. 

Key global events – Week of February 24 to 2 

This week, markets focused on inflation, economic growth, and trade policies. Here are the key developments across regions: 

• United States: Consumer confidence fell in February to its lowest level since 2021. Q4 2024 GDP grew at an annualized rate of 2.3%, driven by strong personal consumption (4.2%). Trump announced—and later reversed—tariffs on Mexico and Canada, now set to take effect on March 4. PCE inflation, closely monitored by the Fed, stood at 2.6% year-over-year. 

• Europe: In Germany, the center-right bloc won the elections, with Friedrich Merz set to become the new chancellor. Trump also proposed a 25% tariff on European Union products, including cars and semiconductors. 

• Japan: Inflation in the services sector rose to 3.1% year-over-year in January, reinforcing expectations of further interest rate adjustments. 

• China: Analysts expect housing prices to decline by 2.5% in 2024, with a slow recovery anticipated in the coming years. 

• Brazil: February inflation increased to 4.96% year-over-year, the highest since October 2023. However, the country surprised with the creation of 137,300 formal jobs, significantly exceeding expectations. 

• Mexico: Inflation in the first half of February reached 3.74%, accelerating from late January. Additionally, the government is considering potential tariffs on Chinese products in response to U.S. trade policy. 

We’ll continue to monitor these developments and their impact on the markets. 

Important events in the coming weeks: 

• March 3: In the United States, the ISM Manufacturing Index will be released. 
• March 7: In the United States, employment figures will be announced.

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