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Recent data has shown signs of improvement in global manufacturing activity, including in the United States, and market participants will assess incoming economic data to determine the trajectory of interest rate cuts of major central banks. "We expect growth to become a more important driver of risk appetite and equity/bond correlations should be more negative this year," Goldman said in a note dated Feb. 16. However, the potential for global earnings growth remains 'relatively muted' due to falling revenue growth and minimal room for margin improvement, Goldman said, although adds that global economic growth creates 'upside risks' to earnings growth.