Fisher: Global Bull Market Will Keep Running, but Will China Join In?

Young bull markets are hard to kill — tougher than almost anyone thinks. Make it to 1-year-old, like the global bull market born in October 2022 (in U.S. dollar terms) has, and they almost always celebrate a second birthday. Expect that! Sour sentiment, resilient economic growth and political tailwinds pave the way for global stocks to keep rising. But China, which continued sliding in 2023, may be different once again. Hence, my 2024 forecast: Double-digit global gains outside China, but whether Chinese stocks join in hinges on a key factor I will explain.