Re-elected Obama faces fiscal cliff; US, Europe markets thumbs-down

Barack Obama was re-elected US President on Tuesday after a hard fought battle with his Republican rival Mitt Romney. Obama secured 303 — well over the 270 he needed to win — electoral college votes to Romney’s 206. Obama had a slender lead in the popular vote, leading Romney by 50 per cent to 49 per cent after drawing more than 56 million votes.

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