The perils of trade and geopolitics will only slow the rally in European stocks rather than derail it, according to Wall Street strategists.

The Stoxx Europe 600 Index is expected to end the year around 557 points, according to the average of 19 strategists polled by Bloomberg. That implies a further 3% advance from Wednesday’s close, handing investors annual returns of about 10%.

“Equity markets have been remarkably resilient, despite many risks,” said Citigroup Inc. strategist Beata Manthey. She noted that global equity market valuations reflected relatively average levels of geo-economic risk in the lead up to the Israel-Iran conflict. “This could be worrisome from a short-term perspective, but over the longer term we see many structural tailwinds to support European equities.”

“Many investors we are speaking with are awaiting the end of the truce on US tariffs on July 9 to gain better visibility,” said Societe Generale SA strategist Roland Kaloyan. “Looking ahead, we anticipate that the European equity market will remain within a trading range.”