(Reuters) -Citigroup on Friday introduced its mid-2026 target for the MSCI All Country World Index (ACWI) Local as they expect global equity markets to be rangebound until year-end, with "meaningful' gains coming in the first half of next year.

The Wall-Street brokerage set a target of 1,150 for the benchmark global equity index, implying an upside of about 5% to its last close of 1,100.213.

"Our targets imply the most upside in Japan and Europe over the medium term," Citi added.