Morgan Stanley analysts have urged investors to switch their focus from credit to equities ahead of a new "growth cycle" in the asset class, as improving global stock markets begin to take some of the shine off this year's impressive fixed-income returns.

Global stock markets have rallied this year after the tumultuous conditions of late 2008. The MSCI World Index is up 19.48% IN 2009 having risen 5.23% in over the last three months, while the UK FTSE 100 recovered to pass the 5,000 mark in September after falling below 3,700 in March for the first time since April 2003.