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European markets fell despite early rises following a favourable response to the re-election of President Obama.

As the day wore on they began to fall as fears over the euro zone took over.

Markets reacted badly to a report by the European Commission predicting that the eurozone economy will sluggish until the end of 2013. The Spanish economy is expected to contract.

Wall street also opened down as investors have one eye on the tax hikes and budget cuts due to kick in December threatening recession. The so-called fiscal cliff.

What the markets fear is another showdown between Republicans and Democrats that led to a downgrade of the US credit rating.

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