Dec. 10 (Bloomberg) — Stocks worldwide will advance next year as central banks reduce borrowing costs to extend the fastest streak of global economic growth in three decades, equity strategists at Lehman Brothers Holdings Inc., Bank of America Corp., JPMorgan Chase & Co. and Deutsche Bank AG said.

Ian Scott, managing director for global equity strategy at New York-based Lehman, said the FTSE World Index will return 13 percent in 2008. Mislav Matejka, JPMorgan’s top European strategist in London, forecast a 10 percent rise in the MSCI Europe Index. Thomas McManus, chief investment strategist at Charlotte, North Carolina-based Bank of America, expects the Standard & Poor’s 500 Index to climb 8 percent, while Deutsche Bank’s Binky Chadha predicted a 9.7 percent gain in the index.

The strategists join their counterparts at Goldman Sachs Group Inc., Citigroup Inc. and Bear Stearns Cos. in predicting stocks will keep rallying even as profit and economic growth slow. The S&P 500 has climbed in eight of the 10 years the economy expanded less than 1 percent over the past 60 years, data compiled by Bloomberg show. Six of those increases coincided with periods when the Federal Reserve cut interest rates.

“We retain our bullish bias,” Scott said during an interview. “We expect equities to perform well in 2008 despite slower growth in GDP and earnings. It is typical for multiples to expand when central banks are easing.”

Valuations, Rate Cuts

Strategists say low equity valuations and interest-rate cuts will boost share prices in 2008 even as the U.S. housing recession and tighter credit restrain economic growth and earnings.

The S&P 500, a benchmark for U.S. companies with a median market value of $13.5 billion, has gained 6.1 percent this year through Dec. 7. A rally next year would be the sixth in a row, the longest stretch since an eight-year gain from 1982 and 1989.

Central banks are reacting to prevent losses from bad U.S. home loans from hurting the broader economy. The Bank of England last week cut its key interest rate, and the U.S. Federal Reserve may follow tomorrow, according to economists polled by Bloomberg.

Scott estimates that the S&P 500 will probably end next year at 1,630, 8.3 percent higher than last week’s close.

Thomas McManus, New York-based chief investment strategist at Bank of America’s securities unit, today predicted the S&P 500 will end 2008 at 1,625. McManus advised investors to wait for the index to slip to about 1,425 before buying stocks.

Cohen, Levkovich

Scott and McManus join Abby Joseph Cohen, 55, Goldman Sachs Group Inc.’s chief strategist in New York, and Tobias Levkovich, their 46-year-old counterpart at New York-based Citigroup Inc., in predicting gains for the S&P 500. Scott’s call comes even as he forecast so-called operating earnings are likely to decline in 2008 versus this year.

A 5 percent growth forecast for S&P 500 earnings next year “will probably prove too high if a recession should develop, which we fear is more probable than the consensus of economists is predicting,” McManus wrote in a report distributed today.

The FTSE World Index may climb 13 percent, Lehman’s note said.

An earnings slowdown won’t stop the MSCI Europe from rising 10 percent in 2008, Matejka, JPMorgan’s head of European equity strategy, wrote in a report today.

12.5 Times

The price-estimated earnings ratio for European equities may climb to 12.5 times, from about 11.7 times currently, Mislav Matejka, JPMorgan’s head of European equity strategy, wrote in a note to investors dated today. The London-based strategist forecast profit growth of between 6 percent and 7 percent in 2008.

Lehman, the fourth-biggest U.S. securities firm, expects the FTSE 100 Index in the U.K. to gain 16 percent including dividends, and the FTSE Europe excluding U.K. to return 12 percent. Scott recommended investors managing a global fund to have a preference for Asian and Ja

malibu:
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Ispričavam se svim čitateljima za pogrešne informacije o ATPL-lapsus (ili drugi naziv koji stvarno ne znam). Ali istina je da forumaši zaobilaze temu dokapitalizacije JDPL, zbog koje će dionica porasti jako, jako.

Ajmo ispocetka. Jel ti pricas o dokapitalizaciji ili privatizaciji? Ako je dokapitalizacija od kud ti ta ideja?

Opet trač o dokapitaizaciji JDPL, hoče li više netko iznjeti nekakav konkretan argument o toj temi i pojasniti od kuda mu ta ideja ili čemo i dalje ostati na ovakvim izjavama?

Volio bih znati[pray]

Moje misljenje je (vjerujem usamljeno) da ce drzavni dio JDPL-a (pogotovo ako HDZ napokon sastavi vladu) zavrsiti u nekom ZIF-u. Toliko o privatizaciji.
Po meni to uopce nije ni lose. Stovise.
[cool][cool][cool]

Jucer je Sprajc na dnevniku govorio o forumima i kako se ocekuje da ce u ponedjeljak trziste rasti jer se fond manageri i brokeri vracaju sa skijanja. Mozda bas zato nece??

Cini mi se da su abacusovci bili na skijanju jer su mi se nalozi dizali dosta sporije prosli tjedan. [lol] [lol]

Iako, svi su fondovi godinu zapoceli u crvenom sto ne da bi moglo dovesti do pesimizma nego defetizma a iz toga bi se bilo dosta tesko vaditi van te bi im se moglo obiti o glavu. [undecid][undecid]

Ja stvarno ne mogu vjerovat da mi još uvijek čekamo da se netko vrati sa skijanja?! Kakve su to gluposti? Oni će počet kupovat kad oni to odluče a ne kad se vrate sa skijanja, pa šta sad u fondovima nema nikoga pa nema kupovanja?

Po meni, u ponedjeljak se ništa značajno neće dogoditi, možda čak ni u utorak, ne znam ni za cijeli tjedan. Da sam ja fond manager, tako bih se igrao s ulagačima i onda bih se s par naloga vratio kao “opštenarodni” spasitelj! Oni ne kupuju ne zato jer skijaju i sanjkaju, nego zato jer to ne žele!
A mislim da su i sami suzdržani i čekaju šta će se dogoditi na svjetskim tržištima (gdje nemaju utjecaja i mogućnosti manipulacije, a svjetska tržišta itekako utječu na naše) analiziraju, prave projekcije, rade u puno više nego što mislite!

A ono u Dnevniku je za zabranit Šprajcu da ikad više išta radi na televiziji, koja je svrha te vijesti? Jel to uopće bila vijest, gdje je tu informiranje gledatelja, što smo naučili? Jel to njegovo bio rezultat istraživačkog novinarstva možda? Užas! Pa zar na vijesti o Dalekovodu prije par mjeseci nismo ništa naučili? Ili kad je izašao izuzetan FI za VIRO? Moje pravilo je da kad čujem tako dobru vijest o bilo kojoj dionici, odmah sutradan na krilima euforične kupnje što bolje prodam! Jer se bezbroj puta dosad vidjelo da je taj dan vrhunac cijene i da će nakon toga lagano padati.

Nego još malo o svrsi te vijesti, jako dobro napravljena reklama fondovima! Vratite se, oj Vi veliki i moćni fond manageri, Vi ste naši spasitelji, željno Vas iščekujemo, nemojte se samo ozlijediti na skijanju jer će nam kompletno tržište otići u sto PM… I što će prosječni hrvatski građanin s viškom para nego ga dati njima na upravljanje kad su već tako jaki i moćni? A trenutno crvenilo fondova će im ionako biti prezentirano kao pravi trenutak za kupnju! Bila je velika korekcija krajem prošle godine i nakon nje (ako ovo vrijeme uopće i je nakon) su fondovi strašno oštećeni, ubila ih je korekcija, pred raspadom su, vidi se po njihovoj imovini koliko ih je sve to strašno pogodilo!

I nemojte misliti da skijanje i sanjkanje ima ikakve veze s time, da na kraju vi ne biste bili nasanjkani…

Misko, Sprajc samo CITA vijesti, a “formira” i pise ih netko sasvim drugi.