Barack Obama

There were signs of tentative progress on the US fiscal deadlock yesterday as President Obama indicated he would accept a short-term increase in the nation's borrowing authority to avert a default.

Markets around the world sold off overnight while oil continued to soar, as the prospect of military involvement in Syria's civil war grows.

US

President Barack Obama signed into law the ‘fiscal cliff' bill on Wednesday 2 January 2013 designed to prevent the country rolling out sharp spending cuts and sweeping tax rises.

Asian markets received a New Year's boost as the US House of Representatives passed a last minute deal to prevent the US falling over the fiscal cliff.

Progress in the fiscal cliff talks being held in Washington has given Wall Street a lift as the threat of a possible recession is averted.

Global markets rallied today after fiscal cliff talks between President Barack Obama and Congressional leaders stepped up a notch over the weekend.

US ELECTION

US stock markets saw a third consecutive day of losses following Barack Obama's victory in the presidential election this week.

The Dow shed more than 300 points in yesterday's session as investors questioned re-elected President Barack Obama's commitment to dealing with the US fiscal cliff.