The transcript discusses the potential impact of oil prices falling below $40 and the importance of an OPEC deal to stabilize markets. It explores the implications of low oil prices on the reflation theme and market stress, particularly in relation to the strong US dollar. The discussion also covers the economic sentiment following Donald Trump's election, highlighting improved US GDP and S&P 500 earnings, while noting the risks of a strong dollar and weak oil prices.

What could be a consequence of oil prices falling below $40?

• Market stress similar to a year ago

• Weakening of the US dollar

• Strengthening of global financial conditions

• Increase in S&P 500 profits

How do low global oil prices affect emerging markets?

• They experience increased inflation

• They are unaffected by oil prices

• They require more stable prices for growth

• They benefit from lower prices

What is the expected market reaction if an oil deal is not reached?

• Stability in bond markets

• Growth in equity markets

• Increased risk appetite

• Strengthening of the dollar

What has been driving the S&P 500 earnings estimates higher post-election?

• Decline in the US dollar

• Strengthening economic data

• Weaker GDP growth

• Decreased corporate profits

What combination could potentially stall the market rally?

• Stable dollar and oil prices

• Weak dollar and weak oil prices

• Strong dollar and weak oil prices

• Weak dollar and strong oil prices