The Australian sharemarket fell for the first time in five sessions, with the All Ordinaries Index (XAO) slipping by 0.7 per cent or 32 pts to 4502.2. No sectors were spared from the selling; however local shares are coming off an impressive winning streak, with equities (shares) ending in the red for just two of the past nine sessions.
Global markets plummeted overnight, with concerns shifting to the U.S fiscal cliff. Essentially, American politicians are running out of time to agree on ways to improve the nation's budget deficit (when spending is greater than income). In January next year if no agreement has been reached, automatically triggered spending cuts and tax increases will be set off.
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