In this episode:

• Sector rotations are marking a new phase in the markets, with investors rebalancing portfolios in anticipation of possible rate cuts and fiscal benefits. After a semester dominated by momentum, the focus is now shifting towards greater diversification and broader participation.
• Trade tensions continue to weigh on the global outlook, with the U.S. tightening tariffs on Europe, Canada, Brazil, and even commodities. Uncertainty about the timing and real impact of trade deals is creating instability, particularly in the industrial sector.
• European fiscal stimulus, led by Germany, is fueling expectations of a recovery. Despite downward earnings revisions, large-scale public and private investment plans provide a solid foundation for the future—especially for companies able to inspire confidence in the coming quarters.

In conclusion, the market remains caught between positive signals and underlying risks. The strength of the indices should not overshadow the complexity of the current landscape, shaped by structural shifts and evolving economic policies. For investors, this is a crucial moment to reassess their approach, with a sharper focus on the medium term and the quality of portfolio choices.