Soon after Obama’s election, the first significant task he is tasked with overseeing is to deal with the US fiscal cliff. I believe by now, you would have known what is meant by the $600 billion US fiscal cliff which consisted of spending cuts and tax hikes, hence this, in my opinion will merit no re-introduction here.
US stocks fell by more than 1% overnight (Singapore 15 Nov 12 midnight) on worries of US investors about the starting of talks over the fiscal cliff. This performance in US stocks has much shaped the performance of the Singapore stocks here today (15 Nov 12). Again, I see a parallel of the global stock performance due to the Europe debt crisis which plays out just some months ago at play once again, this time in the US market which will definitely be affecting Singapore stocks and global equities in the interim … ......
