Bull Market Late Cycle, Not End Cycle
- Citi analysts' stock market outlook suggests that the nine-year bull market is not finished and single-digit percentage gains can be expected by end-2019. Within equities, Citi prefers Emerging Markets (EM), particularly Asia, and Europe-ex UK.
- Citi analysts lower their global earnings per share (EPS) growth outlook slightly to 9.7% in 2019 compared to 16.4% in 2018 as tax cut effects fade in the US.
- Citi analysts believe it is still too early to turn defensive and prefer Technology and Materials, while Healthcare could provide shelter from volatility.
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