The episode begins with Matheus Spiess greeting listeners and introducing the week's focus on investor reactions to Donald Trump's tariff policies. He explains that tariffs were suspended by the Supreme Court on the previous Friday, initially causing market relief but now leading to escalation concerns. Trump imposed new rates of 10% expanding to 15%, with Brazil receiving higher tariffs than other countries, benefiting some but hurting those with prior agreements. This creates uncertainty, reimbursement issues, and legal battles, pressuring market openings negatively in the U.S. and Europe. In Brazil, the week is important for quarterly earnings from companies like B3, Gerdau, Vivo, and Telefônica Brasil after Carnival. Economic data includes IPCA-15 and Caged reports, with inflation at 3.91% potentially influencing interest rate cuts. Internationally, software sector results from Salesforce and NVIDIA are expected, along with U.S. inflation and producer price data. The episode notes a tense tone in developed markets but strong performance in Brazil, with the stock market up over 18% yearly in reais. On Friday, it rose 1% to a new historical high near 191,000 points, aided by a weaker dollar at R$5.17, the lowest since May 2024. Spiess attributes this to global uncertainty outweighing inflationary pressures, benefiting Brazilian flows. He plans to return for market closing updates, wrapping up the morning briefing.
