JP Morgan strategists led by Mislav Matejka said in the latest client note that the global stock market party is not over yet.

Key quotes 

“Stay bullish -- positive catalysts are not exhausted.” 

“Downside risks -- including a hawkish turn by central banks, a slowdown in China’s economy, or more significant coronavirus restrictions -- will either fail to materialize or are already priced into stocks.”

“Key calls is an overweight position on U.K. and euro-area equities, as well as on banks, miners and autos.”

“See a good entry point in emerging-market stocks, with China deceleration “by now largely behind us.”

“Recommend a neutral position on US stocks, citing they “could stall relatively if the tech outperformance starts to wane.”

“The Fed is unlikely to become more hawkish, and consensus earnings growth projections “will again prove too low.”