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S&P 500 expectations for next year ‘far, far too high’: Strategist

Derailing the rally

Despite a strong jobs report on Friday that beat expectations by a large margin, HSBC Global Equity Strategist Ben Laidler said he still has a cautious outlook on the market.

"We're pretty cautious on global equities including the U.S.," Laidler told CNBC's "Fast Money Halftime Report " on Friday. "You have economic policy uncertainty, which is really high around the world."

Laidler also said he is still waiting to see the "full impact of the data" detailing how the U.K.'s Brexit vote will affect economies.

While the market has rallied recently, and the climbed after the jobs report, Laidler said weak manufacturing and business investment may hold back S&P 500 earnings.

"Look at where S&P 500 earnings growth expectations are for next year: far far too high," Laidler said. "That's the next story, we're going to start cutting those."