A pesar del aumento de las tensiones geopolíticas, la economía mundial mostró una sorprendente resistencia a principios de 2025, y la inflación siguió normalizándose.

With US markets closed Friday for the July 4 holiday, the job report for June drops Thursday. Employment growth and wages will be critical for gauging economic momentum and shaping Fed expectations.

The global economy remains in a delicate state of balance. The US and China have agreed to a 90-day tariff rollback but uncertainty remains high, especially with the US still imposing significant duties.

Markets have benefited from the de-escalation of the tariffs narrative but uncertainty levels remain very high.

May and the first two weeks of June saw a good performance from risk assets, while rates assets underperformed.

¿Quieres hablar de los diferenciales de los swaps en euros frente a los de EE.UU.? También vemos eso. Pero, para ser sinceros, ese gráfico es una de las últimas cosas que miramos cuando gestionamos carteras agregadas de renta fija en euros. Así que si quieres verlo, tendrás que leer primero el resto de esta página.

European equities closed May higher but are no longer outperforming US equities.

Flash PMI data for June will provide an early read on global manufacturing and services, highlighting growth momentum, inflation risks, and potential monetary policy shifts.