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Asia stocks fall as talks on US budget deal stall

6:38 AM, Nov 15, 2012   |    comments
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BANGKOK (AP) - Asian stocks tumbled today as hopes began to fade for a quick agreement among U.S. leaders to avoid a "fiscal cliff" that could derail the world's biggest economy.

Unless President Barack Obama and Congress reach a compromise, a series of expiring tax cuts and across-the-board spending reductions will take effect in 2013 - at a cost of about $800 billion. Economists say that could knock the U.S. economy back into recession.

A widely predicted leadership change in China didn't appear to impact stock markets one way or the other.

Benchmark crude oil fell slightly but remained above $86 per barrel. The dollar rose against the euro and the yen.






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