Not that it would have been much different if Romney had won but without Senate control.

Uncertainty regarding who will be the next President is out of the way (assuming no challenges), but in reality its more of the same with attention now turning to solving the fiscal cliff and on this front negotiations are likely to be difficult and protracted and the Republican controlled House may dig its heals in (particularly if Obama wins the presidency but without winning the popular vote – as I write though is he is ahead on the popular vote). 

Ultimately I think a compromise will be reached and the fiscal cliff will be cut back from a recession driving 4.3% of GDP as per current law to something more like 1.5 to 2% of GDP which will enable the US economic recovery to continue. As a result share markets may see a bit of a bit of uncertainly until some resolution regarding this is in sight.

To read the analysis of the election outcome, click here.

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