Global equities look situated for a significant rally in the new year should central banks begin easing monetary policy and the Federal Reserve manage a soft landing, according to HSBC. 'We expect global equity markets to climb higher and forecast 15% upside by end-2024,' said Alastair Pinder in a note to clients.
'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.' In recent instances where the Fed has engineered 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, he noted.
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