Osservatorio | March 2024
In the global recovery, Europe lags behind, weighed down by Germany. Inflation is easing, but only slowly. Stock markets and interest rates show an inverted relationship.
At a glance:
The global economy is expanding, driven by the U.S. and Asia.
In the United States, consumers still have significant savings to spend, and rising employment brings confidence and income.
Europe is falling behind as Germany (and to some extent France) struggles with the challenges of a new wave of globalization, a sluggish auto sector, and fiscal tightening.
Italy and Spain are benefiting from the strong rebound in international travel.
Inflation continues to decline, though at a slower pace.
Risk appetite is increasing in the markets. Now, stock exchanges are setting the tone for interest rates—rather than the other way around
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