TRANSCRIPT

After last year&rsquo;s strong holiday season, U.S. financial markets were concerned that this year&rsquo;s first-quarter retailer earnings might reveal a lull in consumer spending. Yet the results surprised mostly to the upside as consumption proved resilient. How will the U.S. consumer fare for the remainder of this year and into 2025? Which retailing categories are seeing stronger or weaker spending? 
Join Citi&rsquo;s Rob Rowe, U.S. Regional Director of Research and Head of the Global Strategy and Macro Group, and Paul Lejuez, Head of Consumer Discretionary for Citi Research, as they delve into these questions against the current economic backdrop, and discuss how Paul and his team measure and forecast discretionary spending power.
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This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. &copy; 2024 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.
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Rob Rowe is Head of the Global Strategy and Macro Group (GSMG) as well as the U.S. Regional Director of Research. GSMG unites all of Citi's economists with fixed income, FX, equity and commodities strategists to create a common team providing research on the world's major economies and asset classes. Rob has been with Citi for 30 years serving in various capacities. He originally joined Smith Barney Harris Upham &amp; Company in 1989, working in investment banking, fixed income sales and research.&nbsp; In addition to his managerial responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. He has written numerous articles and publications on fixed income and portfolio strategy.
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Rob Rowe, Head of Global Strategy and Macro Research and U.S. Regional Director of Citi Research 

Paul Lejuez is a Managing Director at Citi Research covering Department Stores &amp; Specialty Softlines, Broadlines and Food Retailing sectors. Prior to joining Citi in 2015, Paul worked at Wells Fargo for 2+ years, Nomura Securities for ~3 years and Credit Suisse for 10+ years, always covering the retail sector. He began his career at Ernst &amp; Young LLC. Paul has a BS/MS degree in Accountancy from Wake Forest University. He is a CFA Charterholder, Certified Public Accountant and Certified Financial Planner.
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Paul Lejuez, Head of Consumer Discretionary, Citi Research

After last year&rsquo;s strong holiday season, U.S. financial markets were concerned that this year&rsquo;s first-quarter retailer earnings might reveal a lull in consumer spending. Yet the results surprised mostly to the upside as consumption proved resilient. How will the U.S. consumer fare for the remainder of this year and into 2025? Which retailing categories are seeing stronger or weaker spending? Join Citi&rsquo;s Rob Rowe, U.S. Regional Director of Research and Head of the Global Strategy and Macro Group, and Paul Lejuez, Head of Consumer Discretionary for Citi Research, as they delve into these questions against the current economic backdrop, and discuss how Paul and his team measure and forecast discretionary spending power.

E6: U.S. Consumer — What’s in the Cart?

Artificial Intelligence (AI)

Citi Research

Africa&rsquo;s share of global GDP is in the low single digits, but two factors in particular could prove transformative for its economy: positive population growth amid a shrinking world population, and the benefit of &ldquo;leapfrogging&rdquo;, where its nations can adopt new technologies faster as latecomers by skipping traditional development phases. Meanwhile, the post-COVID world has created significant challenges. Higher inflation led to a string of defaults and collapsing currencies, and some multinational corporations have pulled their operations. How can Africa stay on a growth trajectory as it manages its fiscal deficits? Who is investing there today, and are there still attractive opportunities? What about political risk?
Join Citi&rsquo;s Elise Badoy, Head of Europe, UK, Middle East and Africa Research, and David Cowan, Chief Africa Economist, as they tackle these questions and help us understand&nbsp; Africa&rsquo;s current state and prospects ahead.
For more details, see David&rsquo;s Citi GPS report,&nbsp;<a href="https://www.citigroup.com/global/insights/citigps/africa" target="_blank" rel="noopener" data-link-source="tiny">Africa: A New Growth Model</a>.
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This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. &copy; 2024 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Elise Badoy is a Managing Director and Head of Europe, UK, Middle East and Africa Research. Elise joined Citi in February 2010 and is a member of the Global Research Executive Committee. Prior to Citi, Elise worked at Goldman Sachs from 1999 to 2009, initially on the buy-side at GSAM and from 2001 in the Global Investment Research division covering the Consumer Staples sector. Prior to joining Goldman Sachs, she worked at Daiwa Securities in Equity Capital Markets and at ING Barings in Investment Banking. Elise was named in Financial News&rsquo; 100 Most Influential Women in European Finance 2018 and was a 2019 Women in Banking and Finance award for achievement finalist. Elise graduated from Ecole Superieure de Commerce de Paris (ESCP) and is a CFA Charterholder.

Elise Badoy, Head of Europe, UK, Middle East and Africa Research 

David Cowan is a Managing Director and Economist at Citi Research, covering Africa (excluding South Africa). Prior to joining Citi in 2007, David worked at the Economist Intelligence Unit in London for eight years, initially as a senior Economist covering Ghana, Nigeria, Tanzania, Zambia and Zimbabwe and then as Director of the Middle East and North Africa team, leading the coverage of Egypt and Morocco. Previously, David worked at the Bank of Botswana and the Saudi Arabian Ministry of Foreign Affairs. David has a PhD from the University of London and a BSc in Economics from the University of Bath.

David Cowan, Chief Africa Economist, Citi Research

Africa&rsquo;s share of global GDP is in the low single digits, but two factors in particular could prove transformative for its economy: positive population growth amid a shrinking world population, and the benefit of &ldquo;leapfrogging&rdquo;, where its nations can adopt new technologies faster as latecomers by skipping traditional development phases. Meanwhile, the post-COVID world has created significant challenges. Higher inflation led to a string of defaults and collapsing currencies, and some multinational corporations have pulled their operations. How can Africa stay on a growth trajectory as it manages its fiscal deficits? Who is investing there today, and are there still attractive opportunities? What about political risk?

E7: The Big Picture Across Africa

The digital transformation amounts to an ongoing shift from an economy that's characterized primarily by flows of physical &ldquo;stuff&rdquo; to one that&rsquo;s more focused on data and information. From dramatic improvements in communication to the onset of the creator economy, its impact extends well beyond technology and into downstream sectors like retail, media, and entertainment. How much is the digital transformation contributing to GDP? How is it impacting global trade? Will it reduce or exacerbate economic inequality? And who are the winners and losers of the prevailing trends?
Join Citi&rsquo;s Rob Rowe, U.S. Regional Director of Research and Head of the Global Strategy and Macro Group, and Nathan Sheets, Global Chief Economist, as they dive into these questions and more in an engaging discussion on this timely topic.
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This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. &copy; 2024 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Rob Rowe, Head of Global Strategy and Macro Research and U.S. Regional Director of Research 

Nathan Sheets, Ph.D., is Global Chief Economist at Citi Research. In this role, Nathan leads Citi&rsquo;s surveillance and forecasting of the global economy and directs the analysis of the firm&rsquo;s economics team. He interacts closely with Citi&rsquo;s major institutional clients and internal risk takers, and publishes research on cross-cutting themes shaping the global economy and financial markets.
Most recently, Nathan was Chief Economist and a member of the senior investment team at PGIM Fixed Income. He also has served as Under Secretary of the U.S. Treasury for International Affairs, representing the U.S. government on international economic issues. Previously, he held positions with Citigroup, as Global Head of International Economics, and with the Federal Reserve Board, as Director of the Division of International Finance and FOMC Economist. In addition, Nathan was a senior advisor to the U.S. Executive Director of the International Monetary Fund and a visiting fellow at the Peterson Institute for International Economics. He joined Citi in October 2021.
Nathan has a bachelor&rsquo;s degree in Economics from Brigham Young University and a Ph.D. from the Massachusetts Institute of Technology.

Nathan Sheets, Global Chief Economist, Citi Research

The digital transformation amounts to an ongoing shift from an economy that's characterized primarily by flows of physical &ldquo;stuff&rdquo; to one that&rsquo;s more focused on data and information.&nbsp;

/rcs/citigpa/storage/public/Research-Citi_E08_final_transcript.pdf

E8: The Digital Transformation of the Global Economy

Transcript

As artificial intelligence, or AI, continues to grab headlines, enterprise software companies are looking to prioritize AI-related projects with a view to future-proofing their investments. Yet very few of these companies have AI revenue streams today. Meanwhile, generative AI in particular requires increasingly massive amounts of processing power, creating critical dependencies on &mdash;and bottlenecks from &mdash; supporting sectors like energy and semiconductors. When will the software sector reap the benefits of AI in earnest? Join Citi&rsquo;s Rob Rowe, U.S. Regional Director of Research and Head of the Global Strategy and Macro Group, and Tyler Radke, U.S. Software Sector Co-Head and Senior Analyst, as they discuss the state of the software market, how companies are incorporating AI into their budgets, and how macroeconomic and geopolitical factors could impact growth in the sector.
Related report:&nbsp;<a href="https://www.citigroup.com/global/insights/the-digital-transformation-of-the-global-economy" data-link-source="tiny">The Digital Transformation of the Global Economy: Riding the Wave of Virtual Progress</a>
This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. &copy; 2024 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

As artificial intelligence, or AI, continues to grab headlines, enterprise software companies are looking to prioritize AI-related projects with a view to future-proofing their investments.&nbsp;