Analyst survey finds 'renewed corporate confidence in spite of political uncertainty'

Michael Sayers, director of research for equities at Fidelity International, discusses the findings of the firm's 2017 Analyst Survey, which comprised responses from 17,000 meetings conducted with CEOs, CFOs and division heads throughout the year.

Looking back, 2016 was an extraordinary year. Last year's survey was launched in an environment of concern about China's growth, expectations of rising rates in the US, low oil prices and considerable pressure on banks' stocks and bonds.  Yet our Global Sentiment Indicator steadied at the midpoint, showing corporate fundamentals were stable, and a recession was unlikely. However, our report did not predict the political upheavals of 2016 or the remarkable resilience and even the market exuberance that followed.  This year, the survey looks very different. It reveals a corporate enviro...