Brokers' take

Equity strategy 2018 JP Morgan Cazenove, Dec 4

EQUITIES had a strong run in 2017, with MSCI World delivering 21 per cent total returns so far year to date, to be by far the best performing asset class.

Looking into next year, it seems more and more tempting to turn bearish given the strong outperformance, significant price to earnings rerating, the likely peaking in activity momentum and an upcoming turn in liquidity conditions.