In this episode:  

• The first quarter of the year closes with strong market turbulence, influenced by geopolitical events and new U.S. tariff policies. After a brief normalization, U.S. indices have resumed their decline. Europe is also down.
• The introduction of new tariffs by the Trump administration is already having negative effects on the real economy. The most affected sectors include automotive, food, and pharmaceuticals, with the risk of a trade war. U.S. inflation is expected to reach 3.3% over the next two years, while the trade deficit is rising sharply.
• The U.S. economy is showing signs of slowing down, with consumer and business confidence at their lowest levels in over a decade. The Atlanta Fed's GDP estimate has dropped from +2% to -2.8% in just a few weeks. Meanwhile, social unrest is growing, and Trump's popularity is declining in the polls. In Europe, fundamentals remain stronger, with fiscal stimulus providing support to the markets.

The current scenario is marked by uncertainty and nervousness in the markets, with investors adopting a more cautious stance. While a technical rebound may occur in the short term, in the medium term, it will be crucial to monitor the evolution of macroeconomic data and trade tensions to understand real growth prospects.