Global stocks fatigued from bull run, but no correction expected: Reuters poll

BENGALURU - The global equity bull run is showing signs of fatigue, with most major stock indexes not expected to repeat last year's stellar performance, according to a Reuters poll of stock analysts who also said a near-term correction was unlikely.

"The significant gains seen in many stock markets over the last few months have made our portfolio managers a little more cautious on the outlook...Fading prospects for interest rate cuts, such an important driver of the market rally, also give us further pause for thought," said Paul Quinsee, head of global equities at JP Morgan Asset Management.

"Equity return expectations in 2024 should stay muted – 2023's double-digit market returns will be hard to duplicate," said Daniel Morgan, senior portfolio manager at Synovus Trust, adding that stocks "are priced for perfection". The Euro STOXX 50 index, France's CAC 40 and Spain's IBEX which are up 11.6%, 7.9% and 12.2% respectively this year, were forecast to gain another 1-2%.

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