In 2023, the global economy defied widespread expectations of a recession and falling interest rates. Instead, the United States, Japan, and, to a lesser extent, Europe delivered significantly better growth than was expected at the turn of the year, even as the U.S. Federal Reserve (Fed) and the European Central Bank (ECB) continued to raise policy rates through most of the year. Underappreciated economic growth is powerful fuel for global equities: the performance of the U.S. “Magnificent 7” stocks (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla) is widely discussed, but as of December 31, 2023, German, ... (full story)