The Top Economic Environment In the U.S., March employment figures exceeded consensus expectations. The Bureau of Labor Statistics (BLS) reported that in March 2025, nonfarm payrolls increased by 228,000 jobs, well above the consensus estimate of 135,000 and February´s revised figure, which was adjusted down to 117,000. This marks the strongest job growth figure in

El Top ● En EE.UU., las cifras de empleo de marzo superaron las expectativas del consenso. ● China anunció aranceles adicionales del 34% sobre productos estadounidenses, en la escalada más grave hasta ahora de la guerra comercial, avivando temores de recesión y provocando una fuerte caída en los mercados bursátiles globales. ● El presidente Trump dijo estar abierto a

The Top • Yesterday, President Donald Trump announced reciprocal tariffs. • In Mexico, gross fixed investment and private consumption declined in January. • The European Commission announced that it would respond with proportional countermeasures to the new U.S. tariffs, stating that it´s ready to defend its economic interests and businesses. • China called on the U.S. to remove the new tariffs

El Top ● El día de ayer el presidente Donald Trump dio a conocer los aranceles recíprocos ● En México, cayeron la inversión fija bruta y el consumo privado en el mes de enero del 2025. ● La Comisión Europea anunció que responderá con contramedidas proporcionales a los nuevos aranceles de EE.UU., y aseguró estar lista para defender

The Top • The Ministry of Finance and Public Credit (SHCP) presented its 2026 Preliminary General Guidelines for Economic Policy. • This afternoon, U.S. President Donald Trump will unveil a series of tariff measures as part of what he has called “Liberation Day.” The announcement is scheduled for 2:00 p.m. Mexico City time. • European Central Bank President Christine Lagarde said the U.S.

El Top ● La Secretaría de Hacienda y Crédito Público presentó sus Pre-Criterios Generales de Política Económica 2026. ● El día de hoy por la tarde, el Presidente de EE.UU. Donald Trump dará a conocer una serie de medidas arancelarias en lo que él llamó “The Liberation Day”. El anuncio está programado para las 2:00 pm hora de Ciudad de México.

The Top • Consumer inflation in the Eurozone declined again in March.  • Ford, General Motors, and Stellantis are pressuring the White House to exclude auto parts from the new 25% tariffs announced by Trump, citing risks of higher operating costs. • White House advisers suggest imposing tariffs of around 20% on most U.S. imports. The final decision is expected on

El Top ● La inflación anual del consumidor de la Eurozona desciende nuevamente en el mes de marzo. ● Ford, General Motors y Stellantis presionan a la Casa Blanca para que excluya las autopartes de los nuevos aranceles del 25% anunciados por Trump, ante el riesgo de mayores costos operativos. ● Asesores de la Casa Blanca sugieren imponer

The Top • In China, March PMI´s showed stronger momentum; however, there is forward-looking uncertainty due to the imposition of reciprocal tariffs. • The Bank of Japan announced on Monday that it will reduce purchases of ultra-long-term bonds, marking another step in its plan to shrink its balance sheet. • Goldman Sachs revised its estimates for the U.S.