Perspectives Newsletter: Q4, 2012
Uncertainty about the elections and US fiscal policy after 2012 produced volatility and mixed fourth quarter results in US stock markets. A year-end “relief” rally in anticipation of a deal capped an unexpectedly strong year for all markets. In general, cyclical sectors outperformed defensive and higher risk was rewarded commensurately. Europe was the strongest region in international and Asia the strongest in emerging, as China roared back late in the quarter after lagging most of the year.
