Which markets will shine and which will disappoint in the year ahead? Jurrien Timmer, director of Global Macro at Fidelity Investments in Boston, suggests five key themes for 2015:

  1. U.S. stocks could once again outperform global markets, especially in view of strong earnings expectations.
  2. Bouts of volatility are likely as the Fed weighs the future path of interest rates.
  3. Evidence continues to point to a modest but steady mid-cycle expansion in the U.S. that could continue for several years.
  4. The European Central Bank’s efforts to control deflation will likely play a significant role in the direction of Europe’s equity markets.
  5. Unless China’s recent problems abate, emerging-market stocks could struggle to end a four-year streak of underperformance.

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