Citi’s Manthey Sees Global Stock Gains Slowing Over Next Year

Gains in global equities will slow over the coming 12 months, according to Citigroup Inc. strategists, who said earnings expectations appear relatively optimistic given the “highly uncertain” outlook.

The team led by Beata Manthey forecasts that the MSCI All-Country World Local Index will make little further headway for the rest of the year, before climbing 5% to 1,150 points through mid-2026. That’s less than half the 12% advance in the index since July 2024.

Stocks have withstood numerous shocks this year, ranging from the jolt to artificial intelligence models caused by China’s DeepSeek, to the Middle East conflict and global ...