Stocks have room to run — but the global economy must pick up first, says JP Morgan

J.P. Morgan says there's still room for a global run-up in equities — but"the most important thing" is whether the world economy responds to efforts to spur its growth.

However, accommodative policies by the U.S. Federal Reserve and the European Central Bank, as well as increasing efforts by Chinese authorities to boost the world's second-largest economy, have helped fuel stocks' rally this year, said Tai Hui, J.P. Morgan Asset Management's chief market strategist for Asia.

Concerns about the global economy spiked last year over tensions between the U.S. and its trading partners, with the International Monetary Fund cutting its global growth forecasts for both 2019 and 2020.He cited Chinese combined data from January and February for fixed asset investment and industrial production, as well as some U.S. jobs figures, as positive signs.

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