Growing optimism about the world economy and improved corporate earnings is driving stock markets to record highs, prompting analysts to forecast further gains in what some describe as a “risk reset”.
Wall Street’s S&P 500, the tech-dominated Nasdaq Composite, Japan’s Nikkei 225, Germany’s Dax and France’s CAC 40, among other indices, have all hit their highest-ever levels in recent weeks, amid hopes that central banks have succeeded in taming inflation without triggering a downturn.
Goldman Sachs and UBS have upgraded their year-end forecasts for the S&P 500 this year, and this month Bank of America raised its year-end prediction to 5,400 — about 5 per cent above the index’s current levels.
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