Citigroup Inc. strategists, led by Beata Manthey, have forecasted a 10% increase in global stocks by the end of 2025, driven by robust corporate earnings growth and expanding equity market gains outside the U.S. The strategists expect global earnings per share (EPS) to rise by 10% year-over-year, slightly below the analyst consensus of 13%. The U.S. and emerging markets are projected to see the highest growth rates, potentially reaching about 15%. Citigroup maintains an 'overweight' stance on U.S. stocks, while expressing concerns about the complexity of incoming President Donald Trump's policies, which could impact market predictability. The S&P 500 rose 24% in 2024, supported by expectations around artificial intelligence and anticipated Federal Reserve rate cuts, as well as optimism over regulatory easing following Trump's election victory. For other regions, Citigroup's outlook includes a 'neutral' stance on emerging markets, 'underweight' on Australia and Japan, and 'overweight' on Europe. The MSCI All-Country World index is expected to reach 1140 points by the end of 2025.