Summary of 2024 Investment Reports


December 2023

Consensus view for 2024

The consensus view for 2024 among the various institutions seems to be one of cautious optimism. There is a general expectation of a global economic slowdown with below-trend growth, but with inflationary pressures receding.

Many institutions anticipate central banks to initiate rate cuts as inflation approaches target levels, which could lead to a recovery in the second half of the year and potentially fuel a stock market rally. However, there is also a recognition of persistent risks, including geopolitical tensions, high debt levels, and the potential for economic vulnerabilities to surface.

Scenarios for the global economy

Good Scenarios

  • Soft Landing: Several institutions, including JP Morgan and Fidelity, suggest that a soft landing scenario is possible, where growth slows but a contraction is avoided, and inflation targets are met without causing significant economic disruption.
  • Technological Advancements: EFG and UBS highlight the potential for technological disruption, particularly in AI, to drive productivity and create new investment opportunities.
  • Decarbonization and Sustainability: UBS and other institutions note that the transition to a green economy could provide significant investment opportunities in clean energy, infrastructure, and healthcare innovation.

Bad Scenarios

  • Recession: A number of institutions, including Wells Fargo and Lazard, highlight the risk of a recession due to high financing costs, tightening monetary policy, and geopolitical tensions.
  • Geopolitical Tensions: Increased geopolitical risks could lead to market volatility and depress global growth further.
  • Inflation Persistence: If inflation does not subside as expected, central banks may need to continue with aggressive monetary policies, which could stifle economic growth.

Table of Forecasts by Institution and 2024 Targets

InstitutionEquities ForecastBonds ForecastOther Asset Classes Forecast
Goldman SachsNeutralFavorableEmerging Markets, Commodities
JP MorganNeutralFavorableHigh-Quality Fixed Income, European Stocks
BlackRockNeutralFavorableInflation-Linked Bonds, U.S. REITs, Japanese Equities
BNP ParibasLow Rally Prob.FavorableInfrastructure Debt, AI
HSBCHigh Rally Prob.FavorableUS Stocks, Quality Bonds, Alternative Investments
ColliersNeutral  Real Estate, Industrial and Logistics Sector
Invesco  High Rally Prob.Favorable    Cyclical Equities, EM   
Wells Fargo Low Rally Prob. CautiousIndustrial and Retail Properties
Fidelity Neutral Favorable Equities in Cyclical Recession, Inflation-Linked Bonds
Lazard Low Rally Prob.Cautious          Japanese Stocks
RBC Wealth Mgmt.  Neutral   Favorable  High-Quality Stocks, Canadian Bank Stocks, UK Eq.
BarclaysNeutral   Favorable  Diversified Portfolio, Private Markets
Safra SarasinLow   Favorable  Japanese Yen, Gold, Investment Grade Bonds
UBSHigh Rally Prob.NeutralQuality Stocks in Technology Sector
EFGNeutral   FavorableGenerative AI, Inflation-Linked Bonds, Small Cap Stocks

Contradictions of opinions

Equities: While some institutions like HSBC and Invesco have a high probability of a stock market rally, others like BNP Paribas and Lazard have a low probability outlook. This reflects differing views on the resilience of the global economy and the impact of central bank policies.

Bonds: There is a general consensus that bonds are becoming more attractive, but there are differences in the types of bonds recommended. For instance, BlackRock suggests inflation-linked bonds, while Safra Sarasin favors investment-grade bonds.

Other Assets: There is a divergence in views on real estate and commodities. Colliers is optimistic about real estate, particularly in the industrial and logistics sector, while other institutions are more cautious about the asset class due to potential interest rate rises and economic vulnerabilities.

Notable Investment Opportunities

Artificial Intelligence (AI):

  • AI-related stocks, including semiconductor companies, server providers, networking gear providers, cloud service providers, and software companies.
  • AI beneficiaries in developed market stocks, particularly those driving corporate profit growth.
  •  Generative AI, consulting, legal services, creative industries, and education sectors.

Climate Resilience and Decarbonization:

  • Investments in companies and technologies that contribute to the transition to a low-carbon economy.
  •  Opportunities in energy transition, clean transportation, and digitalization infrastructure.
  • Companies with strong sustainability credentials and those involved in climate adaptation and mitigation efforts.

Infrastructure Debt:

  • Debt instruments tied to projects in energy transition, clean transportation, and digital infrastructure.
  • Public-private partnerships and alliances in the Build-to-Rent (BTR) sector, particularly in markets like Australia and Japan.

Emerging Markets:

  • Equities and assets in markets with positive cyclical momentum and structural growth stories, such as India, ASEAN, Mexico, Hong Kong, and mainland China.
  • Indian bonds and currencies, given the country’s positive economic outlook.

Real Estate:

  • Industrial and logistics sectors favored by investors due to e-commerce demand and government incentives.
  • Multifamily real estate investments, especially in regions like the Sun Belt and Mountain West in the US, and Australia.
  •  Retail investment demand in the Asia-Pacific region, with a focus on buoyant markets.

Sector-Specific Equities:

  • Industrials, technology, and luxury goods stocks, with a focus on companies with manageable leverage and strong cash flows.
  • Healthcare disruption investments, including biological innovation and healthcare technology applications.
  • New Energy Transportation sectors, such as electric vehicles and related infrastructure.

Fixed Income:

  • Inflation-linked bonds, given the potential for protection from an inflation surprise.
  • Investment-grade corporate bonds and high-quality high-yield bonds.
  • Municipal and agency mortgage-backed securities, as well as investment grade tranches of structured credit like Collateralized Loan Obligations (CLOs).

Private Markets and Alternative Investments:

  • Direct lending and distressed credit opportunities.
  • Private credit, distressed and special situations debt, and commercial real estate debt.
  • Infrastructure assets and agriculture and energy commodities.

Regional Focus:

  • Japanese equities, following the Tokyo Stock Exchange’s governance shake-up leading to increased share buybacks and dividend payments.
  • US equities, particularly mid-cap stocks, due to a resilient economy.
  • Canadian bank stocks and UK equities, with a focus on quality and resilience.

These opportunities reflect a mix of defensive positioning and selective risk-taking, with an emphasis on sectors and regions expected to benefit from structural changes, technological advancements, and economic resilience.

Common Negative View

Based on the 2024 market outlooks provided, there are a few sectors and themes where multiple institutions share a common negative view:

Chinese Equities:

  • Several reports express concerns about the growth prospects of China’s economy, particularly due to challenges in the property sector and trade tensions with the US. This has led to a cautious or negative view on Chinese equities.

European Equities:

  • The Eurozone economy is frequently mentioned as facing significant headwinds, including the risk of recession, persistent inflation, and the impact of geopolitical tensions. This has resulted in a negative outlook for European equities, particularly in regions like the UK and Germany.

Office and Multifamily Sectors in Commercial Real Estate:

  • The shift towards remote work and the potential for higher interest rates have led to a less favorable view of the office and multifamily sectors within commercial real estate. This is contrasted with a more positive outlook on industrial and logistics real estate.

High-Yield Corporate Bonds:

  • There is a general consensus that high-yield corporate bonds may face challenges due to the potential for rising default rates in a slowing economic environment. As a result, there is a preference for investment-grade credit and high-quality issuers.

US Dollar:

  • Some reports anticipate a weakening of the US dollar in the second half of 2024, especially if the US Federal Reserve eases monetary policy. This view suggests a negative outlook for the dollar relative to other currencies, particularly emerging market currencies.

Metals and Commodities:

  • Invesco’s outlook specifically mentions a negative view on metals, which may reflect broader concerns about the demand for commodities in a slowing global economy.

Long-Duration Bonds:

  • There is caution around long-duration bonds due to the potential for interest rate volatility. Some institutions suggest extending bond duration, but this is typically with a focus on high-quality issuers.

Financials in Equities:

  • Fidelity International’s report implies a negative view on financials within equities, possibly due to concerns about the impact of a slowing economy and lower interest rates on the sector’s profitability.

It’s important to note that while these negative views are common across several reports, they are not universally held, and some institutions may have a neutral or even positive outlook on these sectors and themes. Investors should consider their own risk tolerance, investment horizon, and the specific rationales behind these views when making investment decisions.


The 2024 market outlooks from various institutions touch upon geopolitics as a significant factor influencing investment strategies and economic forecasts. Here are some of the geopolitical themes discussed in the reports:

US-China Relations:

  • Tensions between the US and China are frequently mentioned as a source of uncertainty, particularly concerning trade and technology. Concerns about China’s growth prospects are partly attributed to these geopolitical frictions.

Eurozone Stability:

  • The Eurozone is highlighted as facing geopolitical risks, including the impact of the war in Ukraine and its economic repercussions, such as energy supply disruptions and sanctions.

US Political Landscape:

  • The upcoming US presidential election in 2024 is expected to influence markets due to potential policy changes and uncertainty. Goldman Sachs, for instance, notes that concerns in the US may intensify during the election season.

Geopolitical Fragmentation:

  • BlackRock Investment Institute points to geopolitical fragmentation and the emergence of competing geopolitical and economic blocs as a key structural driver of the investment landscape.

Global Conflicts:

  • Ongoing conflicts, such as the situation in Ukraine, are acknowledged as factors that could affect decision-making for executives and investors, as mentioned in Lazard’s report.

Regulatory and Policy Shifts:

  • Several reports, including those from Lazard and Fidelity International, discuss the potential for regulatory changes that could impact sectors such as technology and finance, as well as the broader economy.

Emerging Market Geopolitics:

  • The political and economic stability of emerging markets is considered, with some regions like India being viewed favorably, while others may be seen as riskier due to local geopolitical issues.

Energy Transition and Climate Policies:

  • The global shift towards sustainability and the transition to a low-carbon economy are seen as geopolitical themes that could drive investment opportunities, particularly in infrastructure and green technologies.

Global Trade Dynamics:

  • Changes in global trade dynamics, including supply chain reconfigurations and trade agreements, are recognized as geopolitical factors that could influence market sectors and regional economies.

Overall, the reports suggest that geopolitical risks are a persistent concern for investors, with the potential to impact asset valuations and economic performance across regions. Investors are advised to monitor these developments closely and consider their implications when constructing and adjusting their investment portfolios.

Reports analyzed:

1. Goldman Sachs, Global Markets Outlook 2024: Towards a Better Balance

2. JP Morgan, Investment Outlook 2024: Too Early for Central Banks to Declare Victory Over Inflation

3. BlackRock Investment Institute, 2024 Global Outlook: Grabbing the Wheel; Putting Money to Work

4. BNP Paribas: Stepping Into a New Reality

5. HSBC, Investment Outlook Q1 2024: Opportunities in a Complex World

6. Colliers, 2024 Global Investor Outlook: Act on Opportunity

7. Invesco, 2024 Investment Outlook: Global View

8. Wells Fargo, 2024 Annual Outlook: Weathering the Storm

9. Fidelity International, Outlook 2024: More Risk, Higher Yields and Four Ways Forward

10. Lazard: Global Outlook 2024

11. RBC Wealth Management, Global Insight 2024 Outlook: Bonds are Back

12. Barclays, Outlook 2024: A Year of Hard Choices

13. EFG, Outlook 2024: Our Top 10 Themes for the Year Ahead

14. Safra Sarasin, 2024 Annual Outlook: Global View

15. UBS: Year Ahead 2024; A new world


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