JPMorgan's chief global markets strategist, Dubravko Lakos-Bujas, stated that the probability of a US recession has decreased to 35%, citing increased clarity around global trade and recent policy shifts. Steve Cohen, founder of Point72 Asset Management, put the recession risk at 45%. JPMorgan's US chief economist, Michael Feroli, revised the bank's 2025 US growth forecast upward to 0.6%, with core inflation expected at 3.5%. Apollo Global Management's president, Jim Zelter, noted that the risk of recession has fallen below 50%, following a pause in tariff escalations and a temporary trade agreement between the US and China. Analysts have indicated that, despite ongoing caution in business and consumer sentiment, recent economic results in the US have been solid. The reduction in recession risk is linked to the Trump administration's recent macroeconomic policy adjustments, including a focus on tax cuts and deregulation. In Spain, market analysts such as Alberto Iturralde have noted that the Ibex 35 is at 13,960 points, with no immediate signs of market declines. Iturralde recommends stocks such as Logista, currently at 28.56 euros, and Repsol, which has risen 24% to 11.66 euros. He also highlights the performance of the electricity sector and Grenergy, with a stop loss at 48 euros. Bank of America projects a potential 40% upside for International Airlines Group (IAG), supported by strong demand and robust cash flow. IAG reports 80% bookings for the second quarter and a forecasted fuel bill of approximately 7.5 billion euros. RBC Capital Markets has raised its earnings per share forecast for IAG, reflecting improved profitability expectations. Among Spanish listed companies, Iberdrola reported a first-quarter operating profit of 4.64 billion euros, Telefónica 3.06 billion euros, Repsol 1.59 billion euros, Endesa 1.43 billion euros, and ArcelorMittal 1.39 billion euros.