Quarterly Local Economic Report December 2012

Santa did not disappoint and duly delivered his equity rally to investors in December,particularly in Asia Pacific and the emerging markets. US markets were again a laggard, this time the victim of “fiscal cliff” worries and the inability of both the White House and the Republican-controlled Lower House to forge a workable compromise. The S&P500 index ended up 0.7% for the month and returned a very credible 13.4% excluding dividends for 2012. 

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