The pick-up in inflation across developed economies has led to a boost in global profits, giving investors cause to cheer the third and final phase of the Australian equity earnings expansion, says Credit Suisse.

Initially sparked by a recovery in commodity prices that have boosted resources stocks, the bank believes the rest of the market is set to enjoy earnings-per-share growth, as the global economy normalises and central banks begin to tighten interest rates.

"Expect more bull," writes Hasan Tevfik, head of Australian equity research at Credit Suisse, whose team, for the first time in 10 years, forecasts all major sectors to record positive earnings-per-share growth over the next 12 months.

"A stronger global economic backdrop and a stabilising Aussie economy should be enough to support further earnings-per-share growth from here," he writes.