#MarketTurbulence A turbulence in the market in 2025 will be marked by a robust global economy, but with significant divergences. Here are some key points:

- *Global Economic Growth*: Robust growth is expected, except in China, which is expected to suffer a sharp slowdown.

- *Stock Markets*: There will be dispersion in global stock markets, highlighting the divergence between stocks, styles, sectors, countries, and themes. The S&P 500 is expected to reach 6,500 points, with earnings per share of US$ 270.

- *Interest Rates*: Interest rates in developed markets are expected to remain high for longer, with divergence between US and eurozone rates.

- *Inflation*: Inflation in emerging markets is expected to slow down, but consumer goods prices may temporarily rise due to tariffs and currency depreciation.

Additionally, experts highlight the importance of monitoring:

- *Geopolitical Risks*: Political uncertainty and geopolitical risks may affect the markets.

- *Political Changes*: Political changes in the US, especially after the elections, may influence the global economy.

- *Regional Divergence*: The performance of stock markets may vary significantly between regions, with the US standing out as a growth engine.¹