IN THIS ISSUE

• Macro Strategy — Latin America's Market Resurgence: Latin America has recently outperformed global markets supported by strong long-term fundamentals despite near-term risks.
  
  
• Market View — Second-Half Scenarios: Revisiting the Base, Bull and Bear Cases: The 2026 outlook has become more constructive, with resilient fundamentals and strengthening bull-case drivers leading base and upside scenarios to dominate, supporting a strategy of staying diversified and buying volatility.
  
  
• Thought of the Week — From Rate Cuts to Rate Hikes: Markets have shifted toward potential Federal Reserve tightening on stronger inflation signals, but despite near-term volatility, Equities have historically delivered positive returns across full hiking cycles.​