Market Update January 2013
Last month the US made global headlines, as it narrowly avoided the ‘fiscal cliff’ – a scenario of tax hikes and spending cuts. While this was good news, US public debt issues still exist and are likely to return to the forefront when negotiations to raise the debt ceiling take place in February.
< In Europe, economic sentiment was on the rise in December as a result of improved consumer sentiment across all sectors with the exception of retail.
< In domestic news, November online retail sales surged to an all year high, as pre-Christmas spending began. However while consumer spending was up, the numbers were less positive for the trade balance report, which showed a $2.637 billion deficit for November.
< As markets continue to remain uncertain in the short term, please remember to remain focused on your long-term goals.