Fidelity's McQuaker: Recession less likely in 2017 but investors are right to be worried by Trump

Taken over multi-asset Open range

Fidelity International's Bill McQuaker has become more optimistic global economies can avoid a recession in 2017, but the multi-asset manager is still fearful about the impact of US President Donald Trump's policies in the year ahead.

McQuaker (pictured), who joined Fidelity in October from Henderson Global Investors and has now taken over the five-strong Open range, said he believes it is "less likely" there will be a downturn this year compared to his view in the second half of 2016.  "It will not be a banner year but hopefully we can make some money for our clients," he said. "I am unsure whether Trump's fiscal policy moves will have a massive impact on growth but there is less likely to be a recession now."  However, he said he is particularly worried about Trump's protectionist policies and said they "need to ...