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Publish Date : 04-Jan-2013

A resolution to the US fiscal cliff crisis, messy and protracted as it was, provided an immediate boost for financial markets but longer term could spell trouble for some Asian assets that are coming off a stellar 2012.

Investors could start to shift some money out of overpriced or crowded Asian investments in favour of the United States on the view that the fiscal deal manages to avert a US recession and so boosts the prospects for American stocks.

A fall in US equities as funds pulled out some money in the fourth quarter, in contrast to a rally in Asia as funds funnelled money into the region, suggest conditions are ripe for some reversal.

\"In the short term, US risk premium will come down now that a deal has been struck and might trigger some reversal of flows from Asia back to the US\", said Hong Hao, chief equity strategist at Bank of Communication International Securities.

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