The private bank is standing by its positive market outlook for the next 12 months, and "it will be an earnings-driven market", says Dr Dirk Steffen, the Private Bank's EMEA CIO. Double-digit earnings growth remains a possibility and, while major U.S. stock indices have recently entered correction territory, Dirk says the U.S. economy ought to "regain some footing" after its recent soft patch.

Meanwhile, a Federal Reserve policy decision is due this week and, even after a recent softening of U.S. inflation figures, Dirk does not expect the central bank will move quickly to bring down interest rates. "We remain in the camp of higher for longer.”

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