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Asian markets flat as Barack Obama wins second term Global markets flat as Barack Obama wins second term
(about 2 hours later)
Asian markets were little changed as President Barack Obama was re-elected to a second term. Major share markets were little changed after US President Barack Obama won a second term in office.
There are concerns whether Mr Obama and a Republican-dominated Congress will be able to negotiate a way to avoid the so-called fiscal cliff. The UK's main share index, the FTSE 100 rose by just 16 points in early trading, while Japan's Nikkei ended down by two points.
The cliff will see nearly $600bn (£375bn) of tax increases and spending cuts hit the US economy in January. The US dollar fell slightly, with the euro rising to $1.286 from $1.281.
Japan's Nikkei 225 index ended the day flat, South Korea's Kospi rose 0.5% and Australia's ASX 200 gained 0.8%. Investor attention is now likely to focus on President Obama's need to secure a deal with the US Congress over looming tax rises and spending cuts.
With the Republicans maintaining a majority in the House of Representatives, this may make negotiations to try to avoid the so-called fiscal cliff more difficult.
This could see nearly $600bn (£375bn) of tax increases and spending cuts hit the US economy in January.
The fear is that the tax increases and spending cuts that could be enacted if there is no agreement over deficit reduction may derail a fragile US economic recovery, and in a worst case scenario even push the economy into a recession.The fear is that the tax increases and spending cuts that could be enacted if there is no agreement over deficit reduction may derail a fragile US economic recovery, and in a worst case scenario even push the economy into a recession.
"We head into the fiscal cliff, trying to find compromise where it wasn't possible before," said Rob Ryan, director of markets strategy, Asia-Pacific for Royal Bank of Scotland in Singapore."We head into the fiscal cliff, trying to find compromise where it wasn't possible before," said Rob Ryan, director of markets strategy, Asia-Pacific for Royal Bank of Scotland in Singapore.
Germany's Dax index was up 48 points in early trading, while France's Cac had rise by 35 points.
Broader concernsBroader concerns
The spending cuts and increased taxes are not the only concern among investors.The spending cuts and increased taxes are not the only concern among investors.
The US economy has been battling various other issues, not least the high levels of unemployment in the country, which have dented consumer sentiment and impacted growth.The US economy has been battling various other issues, not least the high levels of unemployment in the country, which have dented consumer sentiment and impacted growth.
Despite encouraging jobless numbers last week, unemployment continues to hover close to 8%.Despite encouraging jobless numbers last week, unemployment continues to hover close to 8%.
There are concerns amongst some analysts that the jobs market may not improve anytime soon and that the recovery in the US will remain weak.There are concerns amongst some analysts that the jobs market may not improve anytime soon and that the recovery in the US will remain weak.
That does does not bode well for Asian economies as they rely heavily on US demand for exports and overall growth.That does does not bode well for Asian economies as they rely heavily on US demand for exports and overall growth.
Global uncertainties Euro woes
Investors have also been wary of the developments in the eurozone, where the Greek Parliament is set to vote on further budget cuts on Wednesday.Investors have also been wary of the developments in the eurozone, where the Greek Parliament is set to vote on further budget cuts on Wednesday.
The parliament will vote on 13.5bn euros ($17.3bn; £10.5bn) of spending cuts, which include tax increases and cuts to pensions.The parliament will vote on 13.5bn euros ($17.3bn; £10.5bn) of spending cuts, which include tax increases and cuts to pensions.
These cuts are key to determining whether Greece can get the next 31.5bn euro tranche of its European and International Monetary Fund rescue package.These cuts are key to determining whether Greece can get the next 31.5bn euro tranche of its European and International Monetary Fund rescue package.
Greece has warned that without this money, which will be used largely to recapitalise the country's banks, it will be bankrupt by the middle of the month.Greece has warned that without this money, which will be used largely to recapitalise the country's banks, it will be bankrupt by the middle of the month.
However, there have been protests in Greece against the proposed cuts.However, there have been protests in Greece against the proposed cuts.
Analysts said that there were fears that it may take some time before Greece is given the money.Analysts said that there were fears that it may take some time before Greece is given the money.
"With Greece there are always a number of stages with any vote. It is a prolonged process to reach any conclusion," said Justin Harper of IG Markets."With Greece there are always a number of stages with any vote. It is a prolonged process to reach any conclusion," said Justin Harper of IG Markets.
These concerns saw investors ditch riskier assets in favour of relatively safer ones.
Spot gold rose 0.5% to a one-week high of $1,724.21 per ounce in Asian trade, reversing a 0.6% drop earlier in the day.
Meanwhile, the Japanese currency, a traditional safe-haven asset, rose to as high as 79.81 yen against the US dollar from its four-month low of 80.68 yen.