In this episode:  

• Europe breaks out of a prolonged sideways phase, with the Eurostoxx 50 nearing historic highs and outperforming the S&P 500, marking one of the strongest starts in the past 20 years. The luxury sector is driving the rally, supported by high levels of short positions.  
• In the United States, the "Mag7" are now weighing down the indices, with Apple and Nvidia experiencing significant declines. However, signs of change are emerging, with the S&P 500 equal-weight index outperforming and greater market participation being observed.  
• Markets remain focused on inflation and interest rates. The decline in yields and early positive earnings data provide encouraging signals, but the environment remains challenging due to high public debt and pressure from rising commodity prices.  

With the start of Trump’s new presidential term in the United States and evolving geopolitical dialogues, 2025 is shaping up to be a year of significant change. It will be essential to adopt a selective and dynamic approach, seizing opportunities in undervalued areas like Europe while maintaining caution in the face of volatility.