Markets: Stability with Underlying Risks

Week of April 20–24

Market stability, energy pressures, and mixed growth signals shaped the week.

Markets remained stable amid signs of easing geopolitical tensions. However, risks related to energy, inflation, and slowing growth persist across regions.

United States

Stable markets and strong consumption. A resilient labor market and tariff refunds support the outlook, while the Fed remains cautious.

Europe

Energy pressures push prices higher as investor confidence declines. Weak industrial signals contrast with some resilience in consumption.

Japan

Moderate inflation and strong export growth driven by technology demand, with pressure from higher energy imports.

China

Solid growth reduces the need for stimulus. Stable rates reflect confidence in current economic dynamics.

Argentina

Economic activity declines, led by weakness in manufacturing, highlighting a fragile economic environment.

Brazil

Positive export outlook, though dependent on the implementation of the EU trade agreement.

Mexico

Inflation moderates, but investment drops sharply. Consumption remains strong, reflecting a mixed economic outlook.

The week was shaped by diverging signals across regions. While the United States and China maintain positive dynamics, Europe and several emerging economies face structural challenges in energy, investment, and growth. Understanding these divergences is key to evaluating the global positioning of a portfolio.

Monitor

Source: Internal analysis based on market data as of April 24, 2025.