Equities

Our Economists Recommend

The latest key insight, in-depth analysis and thematic research collections

Asset Allocation

Total Return Forecasts

Explore our cross-asset total return forecasts in a range of currencies.

Asset Allocation

Global Markets Forecasts

Explore our forecasts for equities and bonds across developed and emerging markets.

Explore our CE equity forecasts and detailed insights into the factors influencing our views, including valuations, earnings, and more.

Asset Allocation Focus

Are US stocks really worth a higher valuation than the rest?

The US stock market is at an all-time high, thanks in part to rapid earnings growth and expectations for that to continue. But rising valuations have also played their part, to the point where US...

28th August 2025 14 mins read

Equities Update

Japan’s stock market still looks appealing

Foreign investors have generally been piling into Japan’s stock market in recent months, presumably encouraged by, among other things, the country’s recent trade deal with the US, the continued...

3rd September 2025 6 mins read

Equities Update

S&P 500: onwards and upwards for this year and next

We are revising up our end-2025 forecast for the S&P 500, from 6,250 to 6,750. And we now project that the index will finish 2026 at 7,250, which is above our previous forecast of 7,000.

8th August 2025 6 mins read

Asset Allocation Update

What’s next for non-US equities?

Though future changes to US tariffs could still cause some volatility in equity markets, we think other factors will mean equities outside the US continue to make decent gains for the rest of this...

22nd August 2025 4 mins read

Capital Daily

Recovery in China’s equities may not be over yet

The near-term outlook for China’s equities could be quite positive, despite the apparent headwinds.

13th August 2025 3 mins read

US equity exceptionalism is back

Another weak US Employment Report has knocked risk appetite, but a lot of optimism is still baked in equity markets. While that raises the prospect of a more serious blow to those markets should economic data sour, our sense is that investors’ optimism is largely justified as we don’t think a recession is a likely outcome.

In turn, we expect US equities to continue to power through for the rest of this year and next. And we think AI enthusiasm, which we expect to grow, will help the S&P 500 reach 7,250 by the end of 2026, outperforming equity markets elsewhere between now and then.

Outside of the US, we expect the best performers over that period to be tech-heavy equity markets in Asia and the biggest laggards to be commodity-heavy indices, even if we think they’ll still make (small) gains.