Global equities performed well in the first quarter of 2024, as discussed at the beginning of the year, with economic distortions from the pandemic normalizing. Consumption continued to drive growth, with unemployment remaining low and purchasing managers indices indicating expansion in both services and manufacturing. Despite concerns about inflation, it is expected to moderate and remain above the historically low levels experienced during the last decade. The US Federal Reserve and other major central banks are anticipated to cut interest rates, with the Fed likely to lower nominal policy rates as early as the second quarter. While the United States has achieved a soft landing with strong corporate earnings, Europe is showing economic resilience with easing inflationary pressures and improving manufacturing PMIs. Japan has emerged as one of the stronger markets due to positive inflation and structural tailwinds, including wage increases and changes to corporate governance code. China’s near-term outlook remains challenged, but valuations are attractive relative to long-term averages and emerging markets. Overall, a broader distribution of growth is expected as the post-pandemic global economy normalizes.