Asian and European stocks rally following the U.S. fiscal cliff deal, with Hong Kong and Australia closing at their highest levels since June 2011. However, given that U.S. has hit its debt ceiling and that the agreement contains limited spending cuts, "the upside looks limited," says Piper Jaffray's Andrew Sullivan. Japan closed, Hong Kong +2.9%. China closed, Australia +1.2%, India +0.7%. EU Stoxx 50 +2.4%, London +1.4%, Paris +1.5%, Frankfurt +1.9%, Milan +1.8%, Madrid +1.5%.