Financial markets will continue to be torn between the improving global economy and concerns about policy, an investment manager believes.
Despite this, companies should still be able to capitalise on moderate global equity growth in the new year, according to Standard Life Investments.
The global investment group's latest report, Global Outlook, suggested 2014 would see positive momentum in the equities space, but only if companies take the risk and invest their cash balances.
"A key issue that will determine the pace of recovery and return will be the extent to which companies step up to the plate," Standard Life Investments' chief executive Keith Skeoch said.
"A recovery in US business investment during 2014 will signify that the upturn is self-sustaining and raise confidence about asset returns," he added.
