Global equities will be roughly unchanged from their current position this time next year as bullish and bearish forces cancel each other out, according to Citi strategists.
In its quarterly global equity report, published Monday, the bank's strategists said they would not be chasing markets higher from their current levels, but would prefer to wait for the next dip. Citi remains "overweight" in U.S. and emerging market equities, and has retained a "defensive tilt" to its sector strategy.
Defensive stocks are those which typically provide consistent dividends to shareholders and relatively stable earnings, irrespective of the health of the broader economy. "Global central banks are likely to buy $6 trillion of financial assets over the next 12 months, over twice previous peaks," Citi analysts highlighted in the note.
"The global economy is showing further signs of recovery from the lockdown. Our Bear Market Checklist still shows only 6.5/18 red flags." Citi has compiled its own checklist of 18 items to identify if global equities are about to enter a "bear" market period.
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