HSBC says the move will be underpinned if a soft landing is achieved and central banks ease policy:
- “We expect global equity markets to climb higher and forecast 15% upside by end-2024,”
- “But, against a backdrop of slowing economic growth and declining interest rates, we think market breadth will increasingly narrow, with a large proportion of the market treading water, while US supremacy will likely continue.”
HSBC base their view on their research showing where the Fed has pulled off a soft landing, the S&P 500 has rallied 22% on average between the pause in hikes, and six months after the bank’s begun cutting
- favour tech & and consumer discretionary sectors
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Not everyone is convinced:
