The episode begins with an analysis of recent U.S. price data, noting that while CPI shows gradual moderation, PCE reflects persistent pressures, especially in services, with core annual PCE inflation at 3.1%. This has reignited fears of stagflation in the current economic context. International markets closed the previous week with declines in the U.S., driven by geopolitical escalation and energy price volatility. European markets also fell, affected by rising energy prices and sovereign bond rates, which worsened growth prospects in Asia. Most global markets retreated amid increased risk aversion. In Colombia, the Colcap index advanced 0.39% on Friday, with Sirius Preferencial and Ecopetrol as the most traded stocks. Local fixed income saw the November 2040 bonds close at 13.57%, with the peso yield curve facing upward pressures but remaining relatively flat. The foreign exchange market recorded the dollar at 3,697 pesos, with a daily peso depreciation of 38%. The XY index surpassed 100 points again, indicating higher global dollar demand due to risk aversion. Corporate news featured Enca's fourth-quarter results, where profits and EBITDA exceeded expectations due to operational efficiency improvements. However, revenues were pressured by lower volumes and a challenging competitive environment. The company announced a total dividend of 55 cents per share. The episode concludes with well-wishes for the week ahead.
