Derek Holt, economist at Scotiabank, said there were reasons for companies and markets to be very cautious about the future in the wake of the US election. A surge in protectionism would almost certainly cloud the global outlook and be a headwind for US and global growth. "Fiscal stimulus to a US economy with excess demand would again trigger inflation risks and higher yields, with the mixed effects of tax cuts and spending cuts uncertain, but the former could outweigh the latter and further increase the US fiscal deficit." Mr. Holt also saw risks from a possible negative demographic shock, a negative investment shock from less heavy investment in clean energy and a disruption of supply chain risk.