The US Presidential Election is held on Tuesday. Voting is tight with most recent polls giving both Barack Obama and Mitt Romney 48 per cent of the vote.
- It is likely that Congress will remain divided (Democrat Senate; Republican House of Representatives) thus limiting any positive or negative impacts of the Presidential election result on financial markets.
- Once the election is decided, attention returns to the so-called “fiscal cliff”, that is the expiration of tax cuts and the start of automatic spending cuts to occur from January 1 2013.
To read CommSec’s report on the impact of the US election, click here.