Citigroup: 1. we still think that 2021 forecasts are too high. Our top-down forecast is 32% below the bottom-up consensus.

2. Our bearish view on 2021 EPS means that we now expect no gains from global equities over the next 12 months.

3. do not chase the currently rally, although we recognize that this is a consensus view.

4. The traditional relationship with PMIs suggests that global equities should be 30% lower than current levels. Or put another way, the recent rally has already discounted a global PMI of 52 (it’s currently 42).