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ASEAN Market Preview EAst West, Medco, Petronas, PTTEP, Keppel

January 03, 2013

On New Year's Day, while the U.S. stock market was closed, Congress passed a bill to raise taxes on wealthy individuals and families, and preserve certain benefits, while avoiding immediate austerity measures. The combination of mandatory tax hikes and reduced federal spending, which had been set to go into effect on Jan. 1, had been known as the "fiscal cliff." " We had three choices: We were going to be off the cliff, we were going to be on the cliff, or we were going to avoid the cliff, and we avoided it," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. "There's a relief rally, some progress because we raised revenue, but I think it's going to be short-lived because the relief rally today was created by politics, and the next cliff is going to be created by politics."

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