Equities in 2017: Why We Expect More Upside Than Downside
January 25, 2017
The U.S. economy is emerging from its mid-cycle slowdown. Reflation of the U.S. middle class could transform the U.S. durable cycle, Grant says. He expects more upside than downside for equities in 2017, predicting that drawdowns of more than 5% will be unlikely.
A few years behind the U.S., the eurozone is poised for a positive surprise—“European equities could comfortably outperform their U.S. counterparts this year,” according to Grant.
China is likely to struggle to adjust its growth model and “is a source of concern.” “The politics of trade are more of an issue for 2018, but the post-Cold War ‘free pass’ for China to develop its economy at the expense of the American middle classes is over,” Grant writes.
For more analysis including the team’s sector outlook, download the commentary.
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