It will be a chilly winter for global stocks, according to analysts in a Reuters poll who cut year-end predictions for most major indices from three months ago and warned the risks to that already-dull outlook were skewed to the downside.
“As enticing as this rally has been … it is still no more than a bear-market rally. We caution investors about getting drawn into harm’s way,” said Lisa Shalett, Chief Investment Officer at Morgan Stanley Wealth Management. If realized, those would all fall short of covering the double-digit losses they’ve racked up so far this year.
Slowing global growth, coupled with central banks across the world hiking interest rates to achieve price stability, were likely to keep stock prices from scaling previous peaks or touching new ones. While those factors were expected to keep volatility high for the year there was a near-split among strategists over an outright sell-off in their local markets for the same period.
While global equities were largely expected to end the year in the red, European markets, facing a deepening economic crisis, will fare the worst.
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