European fund managers expect all the main stock markets around the world to rise next year, with Japan and France predicted to perform best among developed markets.

A survey conducted by Morningstar, the fund ratings agency, among 45 of the largest fund managers in Europe, showed that the managers believe the Nikkei 225 will end next year at 11,526 - up by 14.1% from where the Japanese index stood on December 18, the day the survey was conducted.