The first quarter of 2024 has surprised on the economic front. Instead of the anticipated slowdown, coupled with US outperformance ending, what we saw was global economic activity picking up and stronger-than-expected global growth. The US posted better-than-expected Q4 2023 GDP figures and positive manufacturing and services surveys. The big surprise was that other developed markets, like Europe, joined the US in posting stronger economic data, signalling a rebound from the recent downturn. The better economic data increased investor optimism, resulting in another positive quarter for risk assets. Developed markets, ... (full story)