Europe's debt crisis will remain investors' focus for some time, but attention will gradually shift to the November 6 U.S. presidential elections and quarterly U.S. earnings, he said, adding that markets may rally two weeks before the U.S. election, although the S&P 500 will be capped around 1,520.
"With a gradual rise in the stock markets, we would expect to see the financial sector benefit from this as it appears fairly oversold at present."
Euro zone factories suffered their worst quarter since early 2009 and China lost more steam, suggesting the global economy faces hurdles as it tries to outrun recession.
Events ahead include the Eurogroup meeting next Monday.
Greece unveiled on Monday a harsher austerity budget for 2013 which aims to pave the way for an international aid crucial to keep the country afloat as its finance minister met global lenders, who still object to some of the measures.
Spain is ready to request a sovereign bailout as early as next weekend but Germany has signaled that it should hold off, European officials said on Monday. Madrid has announced severe 2013 budget and economic reforms and the result of stress tests on its banks, moves seen to clear the way for such aid.
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