The energy shock is no longer a temporary event and is increasingly taking on a structural role in the global landscape.

With oil prices holding above USD 100, inflation is once again gaining momentum and testing the limits of monetary policy, while visibility on rate cuts continues to narrow. At the same time, artificial intelligence keeps accelerating investment at a global scale, reinforcing its position as a key driver of economic transformation.

The result is a more complex environment, where geopolitics, inflation and technology operate simultaneously in shaping expectations and global capital allocation.

Rather than isolated developments, markets are beginning to reflect a deeper shift in the global dynamic.

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