October 3, 2019 / 8:36 AM / 16 days ago

Citi says too early to call end of 10-year bull market

LONDON, Oct 3 (Reuters) - Citi expects global equities to rise another 9% by the end of 2020 as it is too early to call the end of this 10-year bull market, although the threat of recession is the biggest risk factor facing markets, the bank said on Thursday.

The bank said it believes global earnings growth estimates are too high at current levels of 10% and that it sees Europe and emerging markets as “most vulnerable” to downgrades.

“Downgrades are unhelpful, although not fatal for stock markets,” Citi equity strategists said in a note. (Reporting by Thyagaraju Adinarayan; editing by Josephine Mason)

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