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Markets 'optimistic' for share revival.

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PositionEquities

A survey of investment managers has revealed cautious optimism for a continuing equities recovery in 2004. Although expectations for the coming year are relatively subdued after last year's stock market gain, the survey shows a trend towards a period of rationalisation. Managers are predicting returns of 8.2 per cent for UK equities and 9.9 per cent in the European market. Average annual returns are expected to remain between 5 per cent and 10 per cent for the next three years.

In the international arena, a parallel survey showed clear expectations of a recovery in global equity markets. Investment managers predicted annual returns of 8 per cent with a continuing trend favouring emerging markets, which were forecast to return 12.5 per cent. Japan, the Netherlands and Germany are expected to be the overall top performers in the year ahead.

The research, by Mercer Investment Consulting, surveyed 55 European institutional investment managers and 35 global investment managers. Divyesh Hindocha, head of Mercer's operations in continental Europe, welcomed signs of an upturn, but stressed the need for vigilance. He argued that the survey showed indications that investors were feeling more relaxed about issues such as risk...

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