Analysts at investment bank Goldman Sachs have said equities are in the early stage of a new bull market.

“We believe that we are still in the early stages of a new bull market, transitioning from the 'hope' phase (which typically starts during a recession, led by rising valuations) to a longer 'growth' phase as strong profit growth emerges,” chief global equity strategist Peter Oppenheimer wrote in a 4 February client note.