The main drivers of markets in 2012 are likely to be similar to last year’s themes —uncertainty over the fate of the Euro, and the related question of whether or not there will be a global recession, said Alan Brown, group chief investment officer at Schroders.

One key difference in 2012: those pending questions seem much more likely to be answered, one way or another, Brown said at a conference in Schroders’ offices in New York. A favorable outcome — which would mean the Eurozone crisis would fade from the news, with evidence of at least some continued growth in the developed world — could set equity markets up for a strong rally, he said.

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