Citi‘s Most Read – Global

Research evidence excerpt

Citi‘s Most Read – Global

pain to date has remained manageable and the global economy has shown

continued resilience. Notably, our forecast for global growth this year continues to

run near 2½%, which is down only a couple of tenths from when the year began.

This observation leaves us correspondingly more sanguine about the prospects for

the remainder of the year, even if pressures in oil markets linger. The reality is that

the global economy is less dependent on oil than in previous decades. In addition,

only part of last year’s sizable accumulation of petroleum inventories has been

reversed, and global inventory levels generally remain ample.

Nathan Sheets | Johanna Chua | Arnaud Marès | Ernesto Revilla | Gina Schoeman

2026 Global Growth Revisions (Citi Forecasts) Policy Rate 26Y/E Forecasts: Delta Since Feb

(Citi)

Change Since Dec-25 (Pct Pts) Bps

0.3 250

Onset of Iran Conflict Developed Markets

200 Emerging Markets

0.2

0.1 100

-0.1

-50

Global

-0.2 DM -100

EM Hungary Canada Malaysia Mexico Peru Sweden Taiwan Thailand Vietnam India China Poland Czechia Chile Japan US AreaEuro Australia Norway Korea Zealand -0.3 Colombia UK Philippines Indonesia AfricaSouth Brazil New

Dec-25 Feb-26 Apr-26 Jun-26

Microsoft Corp. (MSFT.O) - Accelerates Where It Matters Most; Raising

Estimates and TP

Microsoft’s strong 4Q26 results offered a solid rebuttal to the bear case. A robust

and broad-based beat/raise across both top and bottom lines featured

accelerations in two of Microsoft’s most consequential franchises. Azure shined

with growth of 43% y/y cc, a 4 pt beat/acceleration, and even stronger outlook of

45% (also 4pt beat), while CoPilot seat additions topped 10M (double last Q) with

acceleration in M365 Commercial Cloud guided for FY27. Profitability came in