Equity and bond markets are set for gains in 2025 but the big uncertainty for investors will be the policy choices of incoming US president Donald Trump, say Wall Street strategists. Ten major banks surveyed by the Financial Times, including Goldman Sachs, Bank of America and HSBC, are on average upbeat on next year, with many of 2024’s themes set to continue.
Banks also expect European equities to rise, with potential tailwinds if European Central Bank cuts rates more quickly, there is an end to the war in Ukraine or the political situations in France and Germany start to stabilise. Five of the 10 banks surveyed expected European equities to rise next year. While few were bearish, UBS is alone in expecting the market to turn negative next year.
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