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Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Ennett, who is co-manager of the Kames High Yield Bond and High Yield Global Bond funds, said president-elect Donald Trump’s expected tax cuts and infrastructure spending programme should provide a boost for many industries.

However, the elections across much of Europe, particularly in France, next year, risk resulting in heightened volatility as concerns will be raised about the structure and indeed future of the EU.

Commenting on Trump’s victory, Ennett said: ‘We see this as potentially meaning tax cuts and increased infrastructure spending and we think this is positive for a number of industries and we’ll spend 2017 identifying areas that will benefit.’

But on the outlook for Europe, he said: ‘With Europe we are a bit more cautious and the French election in particular could provide challenges for European high yield.’

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