"The world according to the media and equity market valuations is miserable. Grumpy investors, grumpy brokers. There is not much good news apparent," said Citi strategist Adrian Cattley.
But, he pointed out that the returns from the FTSE 100 have recently reached all-time highs and factors such as increases in global growth as well as dividends, buybacks and M&A could further support returns.
"These suggest that the FTSE 100 should double over the next 10 years," he added.