Barty: Protectionism Is a Negative for 2017 Markets

The transcript discusses the impact of Brexit on currencies, particularly the pound, and the performance of UK small caps. It covers expectations for fiscal stimulus and global growth, highlighting potential risks from US politics and trade policies. The discussion also touches on the effects of bond yields on equity pricing.

What is the expected impact of Brexit on the UK consumer according to the speaker?

• It will lead to an immediate economic boom in the UK.

• It will negatively affect the UK consumer due to the weakness in sterling.

• It will have no significant impact on the UK consumer.

• It will strengthen the UK consumer's purchasing power.

Why have smaller cap UK stocks performed well despite Brexit concerns?

• They are not affected by the British economy.

• The UK immediately went into a recession.

• The UK did not tip into recession as quickly as expected.

• The Bank of England raised interest rates.

What is the speaker's expectation regarding the timing of the fiscal stimulus impact?

• The impact will be seen in the first quarter of the year.

• It will have an immediate effect in the first half of the year.

• The impact will be seen mostly in 2018.

• It will not have any impact on the economy.

What are the two key issues for investors mentioned in relation to US politics?

• Fiscal stimulus and global trade.

• Interest rates and inflation.

• Currency exchange rates and unemployment.

• Tax policies and government spending.

How might higher bond yields affect equity prices according to the speaker?

• They will likely lead to higher equity prices.

• They will have no effect on equity prices.

• They will stabilize equity prices.

• They could potentially lower equity prices.