By Michael Msika, Bloomberg Markets Live reporter and strategist

The outlook for European stocks remains good but investors may have to wait for further major gains until 2026, when trade tariff angst should dissipate and economic growth improve, according to strategists.

The Stoxx Europe 600 Index is expected to end the year at around 554 points, according to the average of 18 strategists polled by Bloomberg, about 2% up from Wednesday’s close. While only a third of the strategists predicted that stocks will fall from here, there’s also not much scope for a fresh rally for now. That will require stronger growth to show up in the economy and company earnings and for the impact of the euro’s recent appreciation to become clearer.