Weekly Outlook: Employment, Growth, and New Tensions

U.S. employment, inflation in Europe, and export rebounds in Mexico and China. 

Week of April 28 to May 2 

Market Highlights 
Here’s a summary of the most relevant developments that influenced global markets this week: 

• United States 
177,000 jobs were created in April, beating the 138,000 forecast. However, consumer confidence fell to its lowest level in five years, and Q1 2025 GDP contracted by 0.3%. 
Job openings (JOLTS) also dropped to a six-month low. 

• Europe 
Eurozone GDP grew 0.4% in the first quarter, exceeding projections. However, consumer inflation expectations rose to 2.9% over the next 12 months. 

• China 
The government reaffirmed its commitment to boosting growth through proactive fiscal measures. However, manufacturing activity declined again, reaching a two-year low. 

• Brazil 
The Central Bank emphasized a comprehensive approach amid early signs of economic cooling and inflation levels still above target. There’s growing optimism around the ratification of the Mercosur-EU agreement. 

• Mexico 
Preliminary Q1 2025 GDP grew 0.2%, avoiding a technical recession. Exports rose 9.6% year-over-year, and the trade surplus reached US$3.443 billion. Still, inflation edged up slightly to 3.96%. 

In investing, adaptability in times of change isn’t just an advantage—it’s essential for uncovering new opportunities. 

Key Upcoming Events 

• In the U.S., the ISM Services Index will be released – 05/05 
• In the U.S., the Fed will announce monetary policy – 05/07 

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