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Chief market strategist predicts equity markets to deliver ‘mid single digit’ returns in 2025

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One chief market strategist says he expects equity markets to deliver mid single digit returns in 2025, noting that gains over the past two years have been driven by valuation, but next year they could be driven by earnings.

Philip Petursson, chief investment strategist of IG Wealth Management, shares his projections for market trends in 2025

“If you look at 2024 and 2023 a lot of the gains were driven not by earnings growth, but by valuation expansion like PE multiples increasing by 20-30 per cent in some markets. That’s what drove the TSX, that’s what drove the S&P 500. Eventually the baton is going to get handed off to earnings,” he said.

IG Wealth Management’s 2025 market outlook noted that investors may wish to take a more selective approach next year, noting that amid a broadly supportive economic backdrop, it will be important to identify sectors and regions where valuation aligns with growth prospects.

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