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Alternative Market Briefing

BofA Merrill Lynch calls for stronger U.S.-led economic growth in 2014

Wednesday, December 11, 2013

Komfie Manalo, Opalesque Asia:

BofA Merrill Lynch Global Research has called for a stronger U.S.-led economic growth in 2014 as well as higher yields and solid U.S. stock gains that are lower than in 2013 but higher than consensus.

At the annual BofA Merrill Lynch Year Ahead outlook, BofA also warned that a rising U.S. dollar and rising rates, including rising rate volatility, will have consequences for markets around the world as credit cycles diverge. "In 2013, we saw the 30-year bull market in bonds wind down and stocks soar, with a stronger recovery since 2009 than in the last five market cycles," said Candace Browning, head of BofA Merrill Lynch Global Research. "As we move into 2014, we expect this trend to moderate but continue forward even with Federal Reserve tapering mid-year." The BofA Merrill Lynch Global Research team made the following 10 macro calls for the year ahead:

  • The Standard and Poor’s 500 Index is expected to rise to 2000 and the MSCI All-Country World Index to reach 444 by year-end. Gains in the year ahead imply a price return of approximately 11%, with modest earnings growth of 7%, driven by higher sales and additional buybacks.
  • U.S. and global economic GDP growth is expected to accelerate in 2014, to 2.6% and 3.5%, respectively. The U.S. economy is expected to expand in t......................

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