What to expect from global equities in 2013

Leading global equity investors cast their eye over their favourite markets for 2012, and give their outlooks for the coming year, in which several developed economies will face significant macro-level challenges.

Jeremy Podger, manager of the Fidelity Global Special Situations fund I continue to be pessimistic on the outlook for corporate profits in general and somewhat distrustful of stocks listed in emerging markets which are either pricey (staples) or subject to further margin compression (cyclicals). While there are attractive investment opportunities in Europe (i.e. mostly among strong global companies), I would expect the prospect of selective sovereign debt restructuring to come back on to the agenda some time soon and for this to have a negative effect on European markets in general and...