News Headline Summary

US President Obama says a fiscal cliff deal is in sight, but is not yet done

Says:
- Still issues to deal with, but is hopeful Congress will get it done.
- "Grand bargain" too much to hope for with current congress, may be able to solve the problem in steps.

Update details:

- Heading into the speech from Obama markets were optimistic that a deal would be announced, however Obama simply confirmed that whilst progress is being made a deal has not yet been reached. This disappointment was the motivator behind the downside move in the e-mini S&P.

Reaction details:

- In immediate reaction to the remark that "it is not yet done" e-mini S&P fell 10 points from 1413.25 to 1403.25.

Print 18:47, 31 Dec 2012 - Economic commentary - Source: Newswires