Citi strategists expect the MSCI World index to rise 10 per cent this year, with "more balanced" returns across regions. The team led by Beata Manthey expects a general rally only after Trump takes office later this month. Global corporate earnings per share are expected to grow by 10% in 2025; in the US, the gap between the "Big Seven" and other stocks is expected to narrow. Upgrade global healthcare stocks to overweight; downgrade consumer discretionary, utilities and industrial stocks to underweight. Maintain an overweight stance on US stocks; recommend Europe as their "favorite cyclical diversification" as the "bearish peak" is "showing signs of an inflection point". (Jin Ten)