Mario Draghi, the European Central Bank's president, warned that Germany is no longer insulated from the slump in southern Europe. "The latest data suggest that these developments are now starting to affect the German economy," he said, triggering an immediate sell-off on Europe's bourses and pushing the euro down to almost $1.27 against the dollar.

...[In the US,] the fiscal cliff overshadows all else and it is unclear whether either side will yield ground. Mr Obama vowed to put aside party differences in his acceptance speech. "You voted for action, not politics as usual," he said. But he has previously threatened to let America go over the cliff if Congress blocks all tax rises.

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