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 25,517 131.28 0.52% 26,407 26,103 25,804 25,507
S&P 500 2,743 16.86 0.62% 2,902 2,872 2,842 2,813
NASDAQ 100 6,879 52.21 0.76% 7,582 7,482 7,383 7,285
NASDAQ 7,201 206.03 -2.78% 7,990 7,894 7,800 7,707
S&P MidCap 400 1,852 0.00 0.00% 1,995 1,975 1,955 1,936
US 600 955 17.57 -1.81% 1,044 1,033 1,021 1,010
Russell 2000 1,519 30.70 -1.98% 1,678 1,659 1,641 1,623
S&P VIX 20.45 3.09 0.26% 10.34 9.10 8.01 7.05
US 100 10,357 162.33 -1.54% 10,750 10,641 10,533 10,427
NIKKEI 225 21,811 459.36 -2.06% 23,944 23,633 23,325 23,022
FTSE 100 7,080 27.66 0.39% 7,435 7,368 7,300 7,234
FTSE All 3,868 33.31 -0.85% 4,090 4,055 4,020 3,986
DAX 11,389 63.85 0.56% 12,196 12,056 11,919 11,784
CAC 40 5,081 22.69 0.45% 5,456 5,404 5,352 5,300
FTSE MIB 19,056 202.19 -1.05% 20,332 20,058 19,786 19,520
IBEX 35 9,105 32.28 0.36% 9,306 9,204 9,103 9,002
Australian All 5,924 6.40 -0.11% 6,249 6,206 6,163 6,121
ASX 200 5,842 6.98 -0.12% 6,121 6,078 6,035 5,992
ASX 50 5,725 2.00 -0.03% 5,960 5,917 5,874 5,832
SHANGHAI 2,633 2.94 0.11% 2,783 2,745 2,708 2,671
CSI 300 3,209 4.17 0.13% 3,386 3,334 3,283 3,233
SHANGHAI 50 2,442 2.82 -0.12% 2,565 2,524 2,483 2,443
SENSEX 34,907 93.71 0.27% 35,941 35,632 35,324 35,020
MICEX 2,394 0.18 0.01% 2,440 2,407 2,374 2,342
TSX 15,156 118.04 -0.77% 16,025 15,918 15,813 15,710
KOSPI 2,070 10.56 -0.51% 2,315 2,291 2,268 2,245
iBovespa 85,525 116.51 -0.14% 76,906 75,608 74,332 73,073
IPC Mexico 43,310 953.73 -2.15% 49,315 48,827 48,344 47,866
AEX 528 2.05 0.39% 548 543 538 533
SMI 8,984 89.98 -0.99% 9,038 8,949 8,861 8,775
JALSH-All Share 52,355 95.16 0.18% 55,104 54,428 53,759 53,095
FTSE/JSE TOP 40 46,070 141.58 0.31% 48,933 48,288 47,649 47,019
STI 3,050 18.54 -0.60% 3,224 3,193 3,162 3,131
Hang Seng 25,767 134.33 0.52% 27,386 26,988 26,596 26,210
PSI Geral 2,912 12.27 -0.42% 3,102 3,075 3,049 3,022
NZX 50 8,873 22.12 0.25% 9,261 9,196 9,130 9,065
Euronext 100 986 8.20 -0.82% 1,054 1,045 1,035 1,026
Euro Stoxx 50 3,194 35.41 -1.10% 3,379 3,346 3,313 3,281
NIFTY 50 10,480 2.20 -0.02% 10,818 10,723 10,628 10,535

America Price Day Q4/18 Q1/19 Q2/19 Q3/19
Dow Jones 25,517 131.28 0.52% 26,407 26,103 25,804 25,507
S&P 500 2,743 16.86 0.62% 2,902 2,872 2,842 2,813
NASDAQ 100 6,879 52.21 0.76% 7,582 7,482 7,383 7,285
NASDAQ 7,201 206.03 -2.78% 7,990 7,894 7,800 7,707
S&P MidCap 400 1,852 0.00 0.00% 1,995 1,975 1,955 1,936
US 600 955 17.57 -1.81% 1,044 1,033 1,021 1,010
Russell 2000 1,519 30.70 -1.98% 1,678 1,659 1,641 1,623
S&P VIX 20.45 3.09 0.26% 10.34 9.10 8.01 7.05
US 100 10,357 162.33 -1.54% 10,750 10,641 10,533 10,427
Ecuador General Index 1,394 0.98 0.07% 1,394 1,387 1,379 1,371
TSX 15,156 118.04 -0.77% 16,025 15,918 15,813 15,710
iBovespa 85,525 116.51 -0.14% 76,906 75,608 74,332 73,073
IPC Mexico 43,310 953.73 -2.15% 49,315 48,827 48,344 47,866
S&P/BVL Peru General Index TR (PEN) 18,935 145.00 -0.76% 19,382 19,202 19,024 18,846
Merval 29,423 489.19 -1.64% 31,995 31,021 30,078 29,164
IBC 569 0.40 0.07% 341,310 304,944 272,475 243,482
COLCAP 1,420 5.05 -0.35% 1,505 1,491 1,477 1,464
IGPA 26,176 125.64 -0.48% 26,524 26,210 25,901 25,595
BVPSI 460 0.03 -0.01% 457 455 453 451
BSX 2,468 4.99 -0.20% 2,862 2,809 2,756 2,704
JSE 364,377 557.66 0.15% 176,859 85,351 41,191 19,863

Europe Price Day Q4/18 Q1/19 Q2/19 Q3/19
FTSE 100 7,080 27.66 0.39% 7,435 7,368 7,300 7,234
FTSE All 3,868 33.31 -0.85% 4,090 4,055 4,020 3,986
DAX 11,389 63.85 0.56% 12,196 12,056 11,919 11,784
CAC 40 5,081 22.69 0.45% 5,456 5,404 5,352 5,300
FTSE MIB 19,056 202.19 -1.05% 20,332 20,058 19,786 19,520
IBEX 35 9,105 32.28 0.36% 9,306 9,204 9,103 9,002
MICEX 2,394 0.18 0.01% 2,440 2,407 2,374 2,342
AEX 528 2.05 0.39% 548 543 538 533
BIST 100 92,230 784.22 0.86% 96,783 95,059 93,364 91,709
SMI 8,984 89.98 -0.99% 9,038 8,949 8,861 8,775
OMXS 30 1,515 15.92 -1.04% 1,649 1,632 1,614 1,597
WIG 56,924 731.34 -1.27% 58,279 57,607 56,947 56,292
WIG 20 2,219 12.88 -0.58% 2,251 2,219 2,187 2,156
Euronext BEL 20 3,524 32.60 -0.92% 3,683 3,651 3,619 3,588
Oslo Bors All-Share 1,003 2.94 0.29% 1,062 1,052 1,041 1,031
ATX 3,162 36.69 -1.15% 3,326 3,287 3,249 3,212
OMX Copenhagen 935 2.29 -0.24% 967 957 946 936
OMX Helsinki 9,382 15.01 -0.16% 10,081 9,983 9,885 9,788
OMX Helsinki 25 3,987 10.13 0.25% 4,269 4,225 4,181 4,137
ISEQ 6,127 45.51 -0.74% 6,437 6,380 6,323 6,267
Athens General 635 8.22 -1.28% 681 671 660 651
PSI Geral 2,912 12.27 -0.42% 3,102 3,075 3,049 3,022
PSI 20 4,992 28.40 -0.57% 5,263 5,213 5,163 5,114
PX 1,082 7.32 -0.67% 1,090 1,083 1,075 1,067
BET 8,674 12.48 0.14% 8,364 8,287 8,211 8,135
BUX 38,108 478.17 -1.24% 36,356 35,836 35,323 34,818
PFTS 599 3.02 0.51% 526 513 502 490
SAX 334 0.47 -0.14% 324 319 314 310
LuxX 1,532 2.07 -0.13% 1,683 1,659 1,636 1,613
CROBEX 1,768 18.53 -1.04% 1,770 1,758 1,746 1,735
SOFIX 596 1.68 -0.28% 621 616 612 607
SBITOP 818 5.95 0.73% 834 828 821 814
OMX Vilnius 643 2.29 -0.35% 679 673 667 661
BELEX 15 745 4.80 -0.64% 722 718 713 709
ICEX 1,267 3.18 0.25% 1,239 1,227 1,215 1,203
MSE 4,498 15.75 0.35% 4,354 4,326 4,297 4,269
MBI 10 3,581 0.30 -0.01% 3,418 3,385 3,353 3,321
CSE General 67 0.09 0.13% 72 71 70 70
Euro Stoxx 50 3,194 35.41 -1.10% 3,379 3,346 3,313 3,281
OMX Tallinn 1,193 3.21 0.27% 1,210 1,202 1,193 1,185
Euronext 100 986 8.20 -0.82% 1,054 1,045 1,035 1,026
OMX Riga 950 0.40 0.04% 961 946 932 918
SASX-10 631 0.30 -0.05% 625 618 610 603
MONEX INDEX 10,878.63 53.18 0.49% 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 21,811 459.36 -2.06% 23,944 23,633 23,325 23,022
SHANGHAI 2,633 2.94 0.11% 2,783 2,745 2,708 2,671
CSI 300 3,209 4.17 0.13% 3,386 3,334 3,283 3,233
SHANGHAI 50 2,442 2.82 -0.12% 2,565 2,524 2,483 2,443
SENSEX 34,907 93.71 0.27% 35,941 35,632 35,324 35,020
KOSPI 2,070 10.56 -0.51% 2,315 2,291 2,268 2,245
DSE Broad 5,239 0.00 0.00% 5,321 5,272 5,223 5,175
JCI 5,816 38.68 0.67% 5,870 5,796 5,723 5,650
TASI 7,775 63.88 0.83% 7,960 7,883 7,807 7,731
TAIEX 9,741 90.71 -0.92% 10,938 10,825 10,714 10,603
ADX General 4,954 48.02 -0.96% 4,936 4,892 4,849 4,807
SET 50 1,094 0.59 -0.05% 1,150 1,138 1,127 1,115
FKLCI 1,687 8.71 -0.51% 1,778 1,763 1,749 1,734
STI 3,050 18.54 -0.60% 3,224 3,193 3,162 3,131
TA-100 1,482 1.76 0.12% 1,472 1,460 1,448 1,436
Hang Seng 25,767 134.33 0.52% 27,386 26,988 26,596 26,210
PSEi 6,835 90.91 -1.31% 7,121 7,021 6,923 6,826
KSE 100 41,022 74.24 -0.18% 40,397 39,873 39,354 38,842
KASE 2,214 15.58 0.71% 2,181 2,160 2,138 2,117
QE 10,415 24.99 0.24% 9,684 9,552 9,423 9,294
HNX 103 0.83 -0.80% 113 111 109 107
VN 908 9.82 -1.07% 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 4,480 24.06 -0.53% 4,502 4,467 4,431 4,396
ASPI 5,980 1.03 -0.02% 5,788 5,759 5,731 5,702
Blom 985 0.00 0.00% 965 958 952 945
ASE 1,944 16.25 -0.83% 1,971 1,961 1,952 1,942
LSX Composite 827 1.76 -0.21% 861 848 834 821
MSE TOP 20 20,500 60.21 -0.29% 19,988 19,596 19,211 18,836
DFM general 2,776 26.53 -0.95% 2,822 2,795 2,767 2,741
Nikkei Volatility Index 22.35 2.75 14.03% 15.42 14.03 12.77 11.63
All-Share Index 5,103.63 2.98 -0.06% 5,089.35 5,057.09 5,025.33 4,993.58
NIFTY 50 10,480 2.20 -0.02% 10,818 10,723 10,628 10,535
Estirad 1,308.36 4.21 -0.32% 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 5,924 6.40 -0.11% 6,249 6,206 6,163 6,121
ASX 200 5,842 6.98 -0.12% 6,121 6,078 6,035 5,992
ASX 50 5,725 2.00 -0.03% 5,960 5,917 5,874 5,832
NZX 50 8,873 22.12 0.25% 9,261 9,196 9,130 9,065

Africa Price Day Q4/18 Q1/19 Q2/19 Q3/19
NSE-All Share 32,143 56.80 -0.18% 32,370 31,977 31,590 31,210
JALSH-All Share 52,355 95.16 0.18% 55,104 54,428 53,759 53,095
FTSE/JSE TOP 40 46,070 141.58 0.31% 48,933 48,288 47,649 47,019
Egypt EGX 30 13,678 107.47 0.79% 14,247 14,051 13,857 13,665
Casablanca CFG 25 10,990 86.27 -0.78% 11,188 11,109 11,032 10,955
Nairobi 20 2,837 4.05 0.14% 2,853 2,832 2,810 2,788
NSE All Share 147 0.11 0.07% 148 146 145 143
DSEI 2,059 6.15 -0.30% 2,077 2,050 2,022 1,996
TUN 7,267 7.67 -0.11% 7,742 7,688 7,635 7,583
GGSECI 2,668 43.39 -1.60% 2,857 2,831 2,806 2,781
NSX Overall 1,286 19.45 -1.49% 1,292 1,271 1,250 1,229
SEMDEX 2,231 0.72 0.03% 2,244 2,236 2,228 2,221
Gaborone 7,936 0.00 0.00% 7,804 7,772 7,739 7,706
Zimbabwe Industrial Index 540.80 3.63 0.68% 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