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December 17th, 2007

Global Equity Markets to Remain Attractive in 2008

Abstract:
Global equity markets will remain attractive in 2008, though greater volatility needs to be expected, says Lars Kalbreier, head of Global Equities and Alternatives Research at Credit Suisse. "We're moving from an extraordinary environment observed between 2003-2006 to one with more normal risks and returns," he says. "Earnings growth is continuing its upwards trend, so positive returns in the single-digit territory can be expected in 2008." Continental Europe and emerging markets are our preferred regions, he adds. In Europe, Germany should benefit from restructuring plans and improving consumer demand; with a positive spill over effect on both France and Switzerland. Among emerging markets, Chinese "H" stocks listed in Hong Kong should continue to be boosted by massive inflows of liquidity from Chinese private investors. Gulf states like Dubai and Russia should benefit from the high oil price, and Brazil from its strong export growth to Asia. Kalbreier expresses some caution with regard to US stocks, though notes that US exporting firm should benefit from the weak dollar. Alternative energy, water, infrastructure and nanotechnology stocks are other themes of interest in the 2008 stock portfolio, he says.

Source:
emagazine.credit-suisse.com

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