Following an encouraging start to the month, investors then adopted a cautious stance in the final days of February. Uncertainties increased following the decision from the Supreme Court to declare reciprocal tariffs illegal. In the wake of this ruling, President Trump announced the implementation of global tariffs of 10% for 150 days. Many questions remain unanswered, such as what will happen after this deadline and what about the commercial agreements already signed with the US during 2025. In this context, global equity prices ended February up 1.2%, led by Emerging Markets (+5.4%) and Europe (+3.7%). In the US, the S&P 500 Index closed the month down 0.8%.