Citi: 1. We expect global equities to still be around current levels in 12 months.

2. We would not chase markets higher from current levels, but would prefer to wait for the next dip.

3. Bull: Global Central banks are likely to buy $6trn of financial assets over the next 12 months, over twice previous peaks.

4. Bear: bottom-up global EPS consensus for end-2021 is 30% too high, suggesting that global equities are actually trading on a demanding 24x PE