Despite the heavy press coverage of Donald Trump’s lively twitter feed, equity and fixed income analysts in Asia do not expect Trump’s presidency to have much of an impact for the companies they cover, being obviously unperturbed by Trump’s threats to tear up international trade agreements, such as the Trans-Pacific Partnership. However, analysts are now more cautious about investing in the UK, according to a recent survey by Fidelity International.

In Asia, two-thirds of analysts (67%) say that their companies do not expect any impact at all from Trump’s win. The results of the survey were taken in December 2016, from the views of 146 equity and fixed income analysts covering all regions and sectors.

In the US, 72% of analysts said their companies think the impact of Donald Trump’s win over the next two years will be positive, citing corporate tax reform, income tax cuts, infrastructure spending, Trump’s pro-fossil fuel stance, deregulation, steeper yield curves, and the ‘clean sweep’ in Congress. It is only in emerging Europe, the Middle East, Africa, and Latin America, where the impact is widely seen as moderately negative (64%).

“Our survey shows why it’s so important not to get carried away by sentiment, with our analysts’ finding that Trump’s presidency, and the new mix of policies, is actually boosting corporate sentiment (in the US),” comments Michael Sayers, director of research at Fidelity International.

According to Fidelity, as a result of Brexit, one in four Asian analysts warn that their companies are now less willing to invest in the UK over the next two years. They note the dampening effect of uncertainty in general, the lack of clarity about future UK/EU relations and other trade ties, the risks to London’s financial sector and property market, and the possibility of a loss of talent.

Some concerns regarding uncertainty about UK/EU relations may now be tempered. After several months of wobbling and Prime Minister Theresa May only providing opaque mantras such as “Brexit means Brexit” and “we’re going to get the best deal for the British people”, May has finally brought her plans to light in her Brexit speech on January 17 2017. She revealed the UK is on the path to a hard-Brexit (now dubbed a clean-Brexit by its supporters). The UK will now fully separate itself from the over-sight of the European Court of Justice and membership of the single market and customs union. The half-in half-out Norwegian option is off the table.

Despite HSBC responding to the news that it was not bluffing, and will now move 1000 jobs to France with other banks likely to follow, the pound rose slightly after the announcement. Although the value of the pound is still far below pre-Brexit referendum levels, the recent rise signals that clarity has brought the first signs of confidence back to the market.

Although protectionist policies and political risk across the globe make for good headlines, the survey indicates that the economic fallout is not seen to be significantly impactful.

“None of (the) political risks are seen as strong enough to offset upbeat cyclical forces... As a result, our analysts think core corporate indicators are improving in all sectors and all regions,” comments Sayers.