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Monthly financial markets outlook | March 2024

Developed markets equities had a stellar month as bottom-up factors overpowered a mixed bag of macro data. The MSCI World gained 4.11%, with U.S. equities particularly standing out, rising 5.2% on the back of stellar results from the ‘magnificent 7,’ reinforcing the artificial intelligence (AI) narrative. Nvidia, a key player in AI, released fourth-quarter results that exceeded all expectations, with a revenue surge of 265.3% and a robust profit margin of 76.7%, surpassing consensus estimates by 128 basis points. Other members of the ‘magnificent 7,’ including Microsoft, Meta Platforms, and Amazon, also delivered impressive results in the last week of January.

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