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| Asian shares rise as US House passes fiscal-cliff deal | Asian shares rise as US House passes fiscal-cliff deal |
| (35 minutes later) | |
| Asian markets have risen after the US House of Representatives passed a deal to stave off the fiscal cliff. | Asian markets have risen after the US House of Representatives passed a deal to stave off the fiscal cliff. |
| A failure to agree a deal would have triggered spending cuts and tax increases worth $600bn (£370bn). | A failure to agree a deal would have triggered spending cuts and tax increases worth $600bn (£370bn). |
| There had been fears that the measures would have derailed economic recovery in the world's biggest economy and in a worst case push it into a recession. | |
| Hong Kong's Hang Seng index gained 1.9%, South Korea's Kospi added 1.5% and Australia's ASX 200 rose 1.2% | Hong Kong's Hang Seng index gained 1.9%, South Korea's Kospi added 1.5% and Australia's ASX 200 rose 1.2% |
| Along with being the world's largest economy, the US also is a key market for most of Asia's export-dependent economies. | |
| There were concerns that if the full effects of the fiscal cliff were allowed to take hold, it may have led to a reduction in consumer spending. | |
| That in turn could have hurt demand for Asian exports to the US and impacted growth amongst the region's leading manufacturers and economies. | |
| Analysts said the approval of the deal had helped allay those fears among investors. | |
| "People are very relieved this morning because the US is very likely to fix its own problems in the next few days," said Jackson Wong, vice president at Tanrich Securities. | "People are very relieved this morning because the US is very likely to fix its own problems in the next few days," said Jackson Wong, vice president at Tanrich Securities. |