stocks around the world are consolidating and there could be more losses ahead says credit suisses ray farris the data is becoming much choppier as global growth momentum approaches a peak farris the firms south asia cio told cnbcs squawk box asia on wednesday were probably going into a deeper correction in equity markets globally farris said he said however that a correction may present investors with a great opportunity after stocks globally kicked off the year with a strong start by the end of the first quarter the sp 500 stateside jumped nearly 6 from its final close of 2020 in that same period the paneuropean stoxx 600 surged around 766 while the nikkei 225 in japan gained 632 and hong kongs hang seng index jumped 421 our focus has been to not chase the market higher over the last couple of months farris said weve been very careful to be stuck at strategic weights for equities in portfolios because we want to have the resources to take advantage of a correction he explained that in the 30 years up to 2019 the average correction was about 14 but the average gains from that trough of that correction were 39 farris said in 2020 the sp 500 saw an average correction of about 9 while the subsequent gains were about 29