For the coming months, though, investors fear euro zone equities could lag other markets.
"The economic outlook looks challenging as our economists forecast a recession in the euro zone," said Marc Haefliger, Head of Global Equity Strategy at Credit Suisse in Zurich.
The economic slowdown will hit the cyclical euro zone market disproportionately," he added.
The STOXX index of the euro zone's top 50 blue chip stocks (.STOXX50E) is seen falling another 7.9% from Friday's close to 3,650 points by mid-2023.
Among country benchmarks, Germany's DAX (.GDAXI) is seen ending the first half of 2023 at 13,209, down 9.2% from Friday's close.