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Markets adjust to anaemic economy
Date: 2012/11/15 Click: 2518
Global stock markets fell again on Wednesday, continuing a four-week-long slide, as investors lowered their expectations for the global recovery.

Key unresolved issues are the US fiscal cliff, Greece's bid to stay in the euro, and China's leadership change.

The US markets were underwhelmed by hints by the Federal Reserve that it may resume monetary stimulus.

The S&P 500 - the US shares index most closely followed by the market - fell 1.4%, bringing its total slide to 7.3%.

The Japanese and European markets are down by about 4% since 18 October.

Tepid recovery
In the US, President Obama made clear at a press conference on Wednesday that he was not willing to countenance any further extension to Bush-era tax cuts for the top 2% income earners in the US.

He rejected Republican offers to make high earners pay more tax by closing loopholes rather than raising tax rates.

If the two sides fail to reach a compromise, automatic spending cuts and tax rises, dubbed the "fiscal cliff" will kick in on 1 January - something the International Monetary Fund has warned could knock four percentage points off the US growth rate.

The federal government would also run perilously close to the statutory limit on its borrowing ability, forcing it to choose between ignoring the limit or reneging on one of its spending obligations.

However, even if a compromise is reached, the US economic recovery is widely expected to remain tepid, despite recent encouraging signs from the housing market.
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