Asian Equities slump as fiscal cliff hovers

Asian equities dropped touching the lowest level in six weeks and the Japanese yen rallied on Barack Obama's re-election. Investors are setting to the sidelines fearing from the fiscal cliff. The MSCI Asia Pacific Index (MXAP) fell 1.3%, and 56% of the reading's companies reported lower-than-expected profits. Meanwhile the Nikkei 225 Stock Average index eased 1.6% on tumbling orders for Japanese machinery, and the Yen traded up against its major counterparts.