Investors hoping for big returns from financial markets this year are going to have to dial back their expectations, according to the chief global equity strategist at Goldman Sachs.

A stock market rebound at the beginning of 2019 comes after a period of gloomy market sentiment in the final three months of last year.

U.S.-China trade tensions, Brexit uncertainty and fears about global growth intensified at the end of 2018, prompting U.S. stocks to register their worst December since the Great Depression.

However, improving market sentiment since the beginning of 2019 has helped the Dow Jones Industrial Average jump more than 7 percent, with the pan-European Stoxx 600 also climbing over 6 percent.

“European stock markets have enjoyed a rally over the course of this year to date just as most others have as well. But, fundamentally — that said — we do think profit growth is going to be pretty weak this year,” Goldman Sachs’ Peter Oppenheimer told CNBC on Friday.

“It’s worth noting that we expect pretty weak profit growth across all major regions this year… That’s where we get this idea of a sort of skinny and flat market, relatively low returns in a reasonably narrow trading range,” he added.

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