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During the month of March 2024, the global economy experienced a moderation. The favorable effects on consumer spending resulting from labor market tensions are starting to dissipate, while the tightening of monetary policy continues to transmit to the economy. Global (overall) inflation has significantly declined, aided by energy prices and the easing of supply chain bottlenecks, but core inflation (excluding energy and food) has also retreated, albeit at a slightly slower pace. Overall, the risks to economic growth and inflation remain tilted to the downside. Growth could be weaker if the effects of monetary policy and the protracted wars in Ukraine and the Middle East prove to be more pronounced than anticipated.

Regarding the commodity market, we have observed an increase in copper prices, reflecting signals of sustained global economic recovery. In fact, the Chinese manufacturing PMI index rose to around 50.8 points at the end of March 2024. Values above 50 indicate an expansion in industrial and manufacturing activity in China. Additionally, cobalt prices experienced a slight upward trend in March 2024. Furthermore, crude oil prices increased, primarily due to tensions in the Red Sea shipping route and the prolongation of the war in Ukraine. As for gold prices, they experienced an upward trend.