This is how the markets wake up – October 14, 2025

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| The US-China Trade War Intensifies

• Global stock markets face volatility following trade announcements from the US and China.

   

• The Colombian peso It is weakening due to global risk aversion and the fall in oil prices, despite its attractiveness due to rates.

   

• Global bonds extend their rally amid escalating trade tensions between the US and China.

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| Hector Wilson Tovar Garcia: Research Manager – wtovar@accivalores.com

| Maria Alejandra Martinez Botero: Research Director – maria.martinez@accivalores.com

| Laura Sophia Fajardo Rojas: IE Analyst – laura.fajardo@accivalores.com

| Hugo Camilo Beltran Gomez: IE Analyst – hugo.beltran@accivalores.com

| Maria Lorena Moreno: IE Analyst – maria.moreno@accivalores.com

| Sara Sofia Guzmán Suárez: Intern – sara.guzman@accivalores.com