US equities had their steepest one-day fall in a year yesterday as investors sought the safety of government bonds over fears that Barack Obama’s election victory heralded a drawn out fight over the “fiscal cliff”, write Michael Mackenzie and Stephen Foley.
The market reaction reflected concerns that a divided government in Washington would take its time striking a deal to avoid a recession-inducing combination of tax rises and spending cuts set to take effect after the new year.
“The market is being rattled by the fiscal cliff and fears a stand-off,” said Alan Ruskin, strategist at Deutsche Bank. “We have dealt with one level of political uncertainty and now investors have been thrust into a new round of economic and financial uncertainty.”
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