💼 “Capital is retreating: golden refuges, stock market records, and the monetary awakening of Latin America”
🌐 Global markets: between AI and fiscal policy
• Wall Street is shaken by massive bond issuances from technology companies linked to artificial intelligence. Capex risk intensifies, with Intel, Nvidia, and Softbank at the center of the debate.
• Gold strengthens as a global refuge, driven by fiscal tensions in the U.S., dovish signals from the Fed, and the absence of key macroeconomic data.
🇪🇸 Europe: historic record on the Spanish Stock Exchange
• The Ibex 35 rises 43.3% so far in 2025, surpassing 16,600 points. This is its best performance since 1993, driven by a rotation towards traditional sectors and confidence in economic recovery.
🇺🇸 United States: reopening of the government
• Donald Trump signs the law to reopen the federal government, ending more than six weeks of shutdown. This reduces fiscal uncertainty and partially stabilizes debt markets.
🌎 Latin America: currencies and adjustments
• The dollar in Chile retreats to June lows, on a day marked by fiscal adjustments and strengthening of regional currencies.
• Criticism of dollarization resurfaces in Uruguay, where strengthening local currency instruments is promoted as a path towards more stable financial sovereignty.
📌 Strategic recommendation
• Diversification with a focus on traditional assets, refuges like gold, and selective exposure to emerging currencies with solid fundamentals.
• Attention to movements in corporate debt in the technology sector, which could set the tone for the last quarter of the year.