Osservatorio | April 2024
Global growth accelerates with the revival of manufacturing and broad-based participation across countries. The implications for inflation, interest rates, and corporate earnings.
at a glance
Our annual Investors’ Forum clearly highlights the ‘exceptionalism’ of the U.S. economy.
Manufacturing output and orders have resumed growth, overcoming the obstacles that had held them back.
Across all countries, overall activity has improved, and this broad-based momentum is strengthening the recovery.
Positive implications include more jobs, higher real wages, and rising revenues and corporate profits.
On the downside, industrial raw material prices are climbing, and inflation is proving more persistent.
In this scenario, interest rates are diverging between the U.S. and the Eurozone, while the dollar gains strength.
The surge in gold and Bitcoin signals greater risk appetite—but it’s not sustainable.
Equity markets are also benefiting from companies’ increased pricing power.
This document is available in Italian only