How much upside is left for global stocks which have marched higher this year despite trade worries and cooling economic growth? Two of Wall Street's biggest banks have different opinions.
JPMorgan expects equities to advance as much as 15 per cent higher over the next 12 months, but Morgan Stanley has issued a warning on the prospects for stock markets this year.
Morgan Stanley said earnings estimates are too high amid a weak economic environment, while investors are overly optimistic that central banks will come to their rescue.
The bank's cross-asset strategists are consequently cutting their investment recommendations to 'underweight'