TRADING ECONOMICS expects stock markets to fall further and more rapidly than most investors anticipate on speculation that economic growth will be hurt by an ugly trade war between the United States and China. In addition, geopolitical tensions between Saudi Arabia and Iran, Russia and the European union are likely to take center stage in the second part of 2018 hurting investors appetite for risky assets even further. Then, the removal of excessive monetary liquidity from the financial system by central banks will make it more expensive for companies to borrow to buy their own stocks and investors to take loans to leverage their stock portfolios. TRADING ECONOMICS provides forecasts for major stock market indexes and shares based on its analysts expectations and proprietary global macro models. The current forecasts were last revised on October 1 of 2018. Please consider that while TRADING ECONOMICS forecasts are made using our best efforts, they are not investment recommendations.


Major Price Day Q4/18 Q1/19 Q2/19 Q3/19
Dow Jones 25,053 25.01 -0.10% 26,407 26,103 25,804 25,507
S&P 500 2,697 4.52 -0.17% 2,902 2,872 2,842 2,813
NASDAQ 100 6,773 4.01 0.06% 7,582 7,482 7,383 7,285
NASDAQ 7,136 0.00 0.00% 7,990 7,894 7,800 7,707
S&P MidCap 400 1,842 0.00 0.00% 1,995 1,975 1,955 1,936
US 600 946 7.19 -0.75% 1,044 1,033 1,021 1,010
Russell 2000 1,503 12.30 -0.81% 1,678 1,659 1,641 1,623
S&P VIX 21.11 0.04 0.04% 10.34 9.10 8.01 7.05
US 100 10,270 0.00 0.00% 10,750 10,641 10,533 10,427
NIKKEI 225 21,804 42.86 -0.20% 23,944 23,633 23,325 23,022
FTSE 100 7,051 18.42 0.26% 7,435 7,368 7,300 7,234
FTSE All 3,863 0.62 -0.02% 4,090 4,055 4,020 3,986
DAX 11,409 2.21 -0.02% 12,196 12,056 11,919 11,784
CAC 40 5,047 21.65 -0.43% 5,456 5,404 5,352 5,300
FTSE MIB 18,999 78.61 -0.41% 20,332 20,058 19,786 19,520
IBEX 35 9,071 31.95 -0.35% 9,306 9,204 9,103 9,002
Australian All 5,825 11.10 -0.19% 6,249 6,206 6,163 6,121
ASX 200 5,736 11.59 -0.20% 6,121 6,078 6,035 5,992
ASX 50 5,609 6.70 -0.12% 5,960 5,917 5,874 5,832
SHANGHAI 2,668 35.93 1.36% 2,783 2,745 2,708 2,671
CSI 300 3,242 37.43 1.17% 3,386 3,334 3,283 3,233
SHANGHAI 50 2,459 29.16 1.20% 2,565 2,524 2,483 2,443
SENSEX 35,280 206.95 0.59% 35,941 35,632 35,324 35,020
MICEX 2,383 4.58 0.19% 2,440 2,407 2,374 2,342
TSX 15,133 1.34 0.01% 16,025 15,918 15,813 15,710
KOSPI 2,088 20.01 0.97% 2,315 2,291 2,268 2,245
iBovespa 85,973 1,058.95 1.25% 76,906 75,608 74,332 73,073
IPC Mexico 42,344 77.37 -0.18% 49,315 48,827 48,344 47,866
AEX 526 1.32 -0.25% 548 543 538 533
SMI 8,908 23.57 -0.26% 9,038 8,949 8,861 8,775
JALSH-All Share 52,016 17.00 0.03% 55,104 54,428 53,759 53,095
FTSE/JSE TOP 40 45,806 0.44 0.00% 48,933 48,288 47,649 47,019
STI 3,055 18.51 0.61% 3,224 3,193 3,162 3,131
Hang Seng 26,103 448.91 1.75% 27,386 26,988 26,596 26,210
PSI Geral 2,877 14.12 -0.49% 3,102 3,075 3,049 3,022
NZX 50 8,826 1.85 -0.02% 9,261 9,196 9,130 9,065
Euronext 100 989 1.08 0.11% 1,054 1,045 1,035 1,026
Euro Stoxx 50 3,197 7.28 -0.23% 3,379 3,346 3,313 3,281
NIFTY 50 10,620 63.90 0.61% 10,818 10,723 10,628 10,535

America Price Day Q4/18 Q1/19 Q2/19 Q3/19
Dow Jones 25,053 25.01 -0.10% 26,407 26,103 25,804 25,507
S&P 500 2,697 4.52 -0.17% 2,902 2,872 2,842 2,813
NASDAQ 100 6,773 4.01 0.06% 7,582 7,482 7,383 7,285
NASDAQ 7,136 0.00 0.00% 7,990 7,894 7,800 7,707
S&P MidCap 400 1,842 0.00 0.00% 1,995 1,975 1,955 1,936
US 600 946 7.19 -0.75% 1,044 1,033 1,021 1,010
Russell 2000 1,503 12.30 -0.81% 1,678 1,659 1,641 1,623
S&P VIX 21.11 0.04 0.04% 10.34 9.10 8.01 7.05
US 100 10,270 0.00 0.00% 10,750 10,641 10,533 10,427
Ecuador General Index 1,396 1.65 0.12% 1,394 1,387 1,379 1,371
TSX 15,133 1.34 0.01% 16,025 15,918 15,813 15,710
iBovespa 85,973 1,058.95 1.25% 76,906 75,608 74,332 73,073
IPC Mexico 42,344 77.37 -0.18% 49,315 48,827 48,344 47,866
S&P/BVL Peru General Index TR (PEN) 18,990 14.12 0.07% 19,382 19,202 19,024 18,846
Merval 29,373 829.11 2.90% 31,995 31,021 30,078 29,164
IBC 580 3.28 0.57% 341,310 304,944 272,475 243,482
COLCAP 1,402 14.14 1.02% 1,505 1,491 1,477 1,464
IGPA 26,103 19.25 0.07% 26,524 26,210 25,901 25,595
BVPSI 462 1.71 0.37% 457 455 453 451
BSX 2,377 0.00 0.00% 2,862 2,809 2,756 2,704
JSE 362,093 470.25 -0.13% 176,859 85,351 41,191 19,863

Europe Price Day Q4/18 Q1/19 Q2/19 Q3/19
FTSE 100 7,051 18.42 0.26% 7,435 7,368 7,300 7,234
FTSE All 3,863 0.62 -0.02% 4,090 4,055 4,020 3,986
DAX 11,409 2.21 -0.02% 12,196 12,056 11,919 11,784
CAC 40 5,047 21.65 -0.43% 5,456 5,404 5,352 5,300
FTSE MIB 18,999 78.61 -0.41% 20,332 20,058 19,786 19,520
IBEX 35 9,071 31.95 -0.35% 9,306 9,204 9,103 9,002
MICEX 2,383 4.58 0.19% 2,440 2,407 2,374 2,342
AEX 526 1.32 -0.25% 548 543 538 533
BIST 100 92,996 290.98 -0.31% 96,783 95,059 93,364 91,709
SMI 8,908 23.57 -0.26% 9,038 8,949 8,861 8,775
OMXS 30 1,495 7.41 -0.49% 1,649 1,632 1,614 1,597
WIG 56,905 40.22 0.07% 58,279 57,607 56,947 56,292
WIG 20 2,225 7.24 -0.32% 2,251 2,219 2,187 2,156
Euronext BEL 20 3,553 13.75 0.39% 3,683 3,651 3,619 3,588
Oslo Bors All-Share 982 0.99 -0.10% 1,062 1,052 1,041 1,031
ATX 3,152 0.04 0.00% 3,326 3,287 3,249 3,212
OMX Copenhagen 925 1.41 -0.15% 967 957 946 936
OMX Helsinki 9,332 23.14 -0.25% 10,081 9,983 9,885 9,788
OMX Helsinki 25 3,952 4.29 -0.11% 4,269 4,225 4,181 4,137
ISEQ 6,154 40.86 -0.66% 6,437 6,380 6,323 6,267
Athens General 636 1.30 0.20% 681 671 660 651
PSI 20 4,931 28.87 -0.58% 5,263 5,213 5,163 5,114
PSI Geral 2,877 14.12 -0.49% 3,102 3,075 3,049 3,022
PX 1,082 2.37 -0.22% 1,090 1,083 1,075 1,067
BET 8,530 21.05 -0.25% 8,364 8,287 8,211 8,135
BUX 39,013 102.99 -0.26% 36,356 35,836 35,323 34,818
PFTS 607 0.68 -0.11% 526 513 502 490
SAX 333 0.95 0.29% 324 319 314 310
LuxX 1,489 1.15 -0.08% 1,683 1,659 1,636 1,613
CROBEX 1,748 1.05 -0.06% 1,770 1,758 1,746 1,735
SOFIX 594 0.45 -0.08% 621 616 612 607
SBITOP 808 1.61 -0.20% 834 828 821 814
OMX Vilnius 636 2.20 -0.34% 679 673 667 661
BELEX 15 754 4.96 0.66% 722 718 713 709
SASX-10 628 2.58 0.41% 625 618 610 603
MSE 4,484 9.93 0.22% 4,354 4,326 4,297 4,269
OMX Riga 943 20.43 -2.12% 961 946 932 918
MBI 10 3,616 0.00 0.00% 3,418 3,385 3,353 3,321
Euronext 100 989 1.08 0.11% 1,054 1,045 1,035 1,026
CSE General 67 0.35 -0.52% 72 71 70 70
OMX Tallinn 1,188 4.60 0.39% 1,210 1,202 1,193 1,185
ICEX 1,265 1.23 -0.10% 1,239 1,227 1,215 1,203
Euro Stoxx 50 3,197 7.28 -0.23% 3,379 3,346 3,313 3,281
MONEX INDEX 10,832.83 15.93 -0.15% 10,353.68 10,253.31 10,153.98 10,055.71

Asia Price Day Q4/18 Q1/19 Q2/19 Q3/19
NIKKEI 225 21,804 42.86 -0.20% 23,944 23,633 23,325 23,022
SHANGHAI 2,668 35.93 1.36% 2,783 2,745 2,708 2,671
CSI 300 3,242 37.43 1.17% 3,386 3,334 3,283 3,233
SHANGHAI 50 2,459 29.16 1.20% 2,565 2,524 2,483 2,443
SENSEX 35,280 206.95 0.59% 35,941 35,632 35,324 35,020
KOSPI 2,088 20.01 0.97% 2,315 2,291 2,268 2,245
DSE Broad 5,245 0.96 -0.02% 5,321 5,272 5,223 5,175
JCI 5,956 97.44 1.66% 5,870 5,796 5,723 5,650
TASI 7,669 14.39 0.19% 7,960 7,883 7,807 7,731
TAIEX 9,826 16.04 0.16% 10,938 10,825 10,714 10,603
ADX General 5,029 11.34 0.23% 4,936 4,892 4,849 4,807
SET 50 1,086 7.76 -0.71% 1,150 1,138 1,127 1,115
FKLCI 1,694 10.25 0.61% 1,778 1,763 1,749 1,734
STI 3,055 18.51 0.61% 3,224 3,193 3,162 3,131
TA-100 1,472 5.19 -0.35% 1,472 1,460 1,448 1,436
Hang Seng 26,103 448.91 1.75% 27,386 26,988 26,596 26,210
PSEi 6,953 29.51 0.43% 7,121 7,021 6,923 6,826
KSE 100 41,395 401.28 0.98% 40,397 39,873 39,354 38,842
KASE 2,216 25.95 1.19% 2,181 2,160 2,138 2,117
QE 10,168 19.48 -0.19% 9,684 9,552 9,423 9,294
HNX 101 0.18 -0.18% 113 111 109 107
VN 897 3.78 -0.42% 995 977 960 943
Kuwait Price 6,633 0.00 0.00% 6,578 6,523 6,468 6,413
SECTMIND 416 0.00 0.00% 412 408 405 401
MSM TOP 30 4,451 14.06 -0.31% 4,502 4,467 4,431 4,396
ASPI 5,967 19.98 0.34% 5,788 5,759 5,731 5,702
Blom 979 2.35 -0.24% 965 958 952 945
ASE 1,963 0.52 0.03% 1,971 1,961 1,952 1,942
LSX Composite 836 5.02 -0.60% 861 848 834 821
MSE TOP 20 20,144 217.39 -1.07% 19,988 19,596 19,211 18,836
DFM general 2,779 2.37 0.09% 2,822 2,795 2,767 2,741
Nikkei Volatility Index 22.60 0.29 1.30% 15.42 14.03 12.77 11.63
NIFTY 50 10,620 63.90 0.61% 10,818 10,723 10,628 10,535
All-Share Index 5,101.77 1.86 -0.04% 5,089.35 5,057.09 5,025.33 4,993.58
Estirad 1,309.75 0.76 -0.06% 1,327.31 1,319.57 1,311.96 1,304.35

Australia Price Day Q4/18 Q1/19 Q2/19 Q3/19
Australian All 5,825 11.10 -0.19% 6,249 6,206 6,163 6,121
ASX 200 5,736 11.59 -0.20% 6,121 6,078 6,035 5,992
ASX 50 5,609 6.70 -0.12% 5,960 5,917 5,874 5,832
NZX 50 8,826 1.85 -0.02% 9,261 9,196 9,130 9,065

Africa Price Day Q4/18 Q1/19 Q2/19 Q3/19
NSE-All Share 32,103 30.37 -0.09% 32,370 31,977 31,590 31,210
JALSH-All Share 52,016 17.00 0.03% 55,104 54,428 53,759 53,095
FTSE/JSE TOP 40 45,806 0.44 0.00% 48,933 48,288 47,649 47,019
Egypt EGX 30 13,625 137.39 1.02% 14,247 14,051 13,857 13,665
Casablanca CFG 25 11,131 20.91 0.19% 11,188 11,109 11,032 10,955
Nairobi 20 2,831 7.69 -0.27% 2,853 2,832 2,810 2,788
NSE All Share 146 0.88 -0.60% 148 146 145 143
DSEI 2,018 15.76 -0.77% 2,077 2,050 2,022 1,996
TUN 7,284 32.96 0.45% 7,742 7,688 7,635 7,583
GGSECI 2,693 24.21 0.91% 2,857 2,831 2,806 2,781
NSX Overall 1,287 4.34 0.34% 1,292 1,271 1,250 1,229
SEMDEX 2,240 4.55 -0.20% 2,244 2,236 2,228 2,221
Gaborone 7,939 1.99 -0.03% 7,804 7,772 7,739 7,706
Zimbabwe Industrial Index 563.43 5.31 0.95% 376.56 366.42 356.59 347.00

TRADING ECONOMICS forecasts are based on its analysts expectations and proprietary global macro models. We work hard to make sure any information we present is accurate and reliable. However, our forecasts are not recommendations to buy or sell nor we are a registered investment adviser. Moreover, the past performance of our models is not necessarily indicative of future results.

Stock Market - Forecast - 2018/2020