Image source, Reuters

In case you missed it, Donald Trump has defied polls to seize the White House, steamrollering his Democrat rival Hillary Clinton. 

The impact on markets has been more muted than expected, with US indexes opening broadly flat and European stocks turning positive after a bumpy start. 

Asian markets closed down, however, as fears over Mr Trump's anti-globalist foreign policy took hold.

We've been looking in more detail at what Mr Trump's victory could mean for business:  

• John Mervin, the BBC's New York business editor, has been considering the key economic challenges that await Trump when he takes office in January.
• Kamal Ahmed, the BBC's economics editor, has been looking at the potential upsides for investors.
• Scotland business and economics editor Douglas Fraser has questioned whether Trump's economic policies - including a pledge to double US economic growth - are anything more than hot air. 
• And we've been speculating about who might join Mr Trump's economic team.  

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The historic Paris climate change agreement was signed last December, but Donald trump has suggested he might reverse it. 

Professor Bob Lowe, director of the UCL Energy Institute, said: “The surge of optimism that gathered in the run-up to the Paris [agreement] was in no small measure due to the fact that Barack Obama and his Chinese counterpart, Xi Jinping, were able to pledge to reduce greenhouse gas emissions and to jointly sign the Paris Agreement. This compact between the world’s two biggest economies was a major factor in the... subsequent ratification of the Paris Agreement."

He adds: “One possible outcome of a Trump presidency may be that the US reneges on this undertaking. If this were to happen, there has to be a large question mark over whether the world will be able to deliver on its global temperature targets.

“The situation will not begin to clarify until well into next year. All that can be said now is that we have entered a period of significant uncertainty. We have already had decades of delay since the Rio Earth Summit of 1992 – the one thing the world cannot afford with respect to climate change is further delay.”

The FTSE 100 index has rebounded, trading 0.74% higher at 6894.03 points.

Leading the index are miner Fresnillo, up 12.06%, construction equipment business Ashtead Group, up 11.59%, and pharma business Shire, up 9%.

The biggest fallers are Sainsbury's, down 5.52%, and information provider Experian, down 3%.

Laith Khalaf, senior analyst at Hargreaves Lansdown, said: "The US election result has put some wind in the sales of mining companies and the pharmaceutical sector, and gold has also done quite nicely out of a Trump victory.

"However the market is not utterly dominated by election fever... Indeed, Sainsbury's is bringing up the rear of the Footsie, thanks to the company posting a poor set of results, rather than anything to do with the next resident of the White House."

John Moylan
BBC industry & employment correspondent

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Iain Conn is chief executive of Centrica, which owns British Gas and also operates in the US. He said: “What is clear from this vote, and similarly the Brexit vote last June, is that while globalisation may have been on average good for the world, it has also left many people behind.

"We have to listen to this, and business, government and civil society will need to map a path forward together.

"The subject of social inequality is one shared by the UK and the US, and perhaps should be part of the agenda for the special relationship between our two countries.”

Some US companies have posted big gains on Wall Street, while others have slumped. 

Ariad Pharmaceuticals was up 19.5% as fears over a Clinton crackdown on big pharma disappeared. 

United States Steel was up 18% -  a likely reflection of Trump promises to boost spending on US infrastructure. 

But healthcare providers Tenet, Centene and HCA slumped 24%, 16% and 13% respectively, while solar power business SunPower dropped almost 18%.

Ratings agency Fitch says Donald Trump's policies would be negative for US public finances in the medium term.

However, it adds that his win does not have short-term implications for the US AAA/Stable sovereign rating.

Economics editor Kamal Ahmed tweets:

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US stocks have opened down, but the damage is not as bad as some expected.   

The S&P 500 is down 0.4% at 2,129 points, the Nasdaq is down 0.7% at 5,156, and the Dow Jones is 0.1% lower at 18,312.

Analysts had said earlier that the Dow and the S&P 500 would open about 1.5% lower, with the Nasdaq off by 1.9%.  

BBC News Channel

Aberdeen Asset Management boss Martin Gilbert tells Aaron Heslehurst that the Trump win is the US equivalent of Brexit.  

Rob Young
Business presenter in Beijing

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There's shock among many Chinese at the election of Donald Trump. During the campaign, the president-elect threatened to label China a "currency manipulator" early on in his presidency, talked of imposing trade tariffs of 45% and said America's trade deficit with China was akin to economic "rape". 

Business leaders in Beijing hope all of this was nothing more than campaign rhetoric, the cut and thrust of the western democratic process. One Beijing-based expert on US-China relations said "the politics on trade have changed big time". He cautioned the risks of a trade war between the world's two biggest economies has heightened. 

If the US imposes trade restrictions on China, it may well retaliate. That would create even more uncertainty for the global economy. But it is not difficult here to find people who are pleased at Trump's victory. 

Several Chinese I've spoken to said they like strong leaders and regard Trump as such a person. One economist told me China can do deals with Donald Trump. He said a businessman is someone who is not bound by ideology, and China can work with a pragmatist. 

China's leadership may also be pleased by Donald Trump's dislike of certain free trade deals. If the US Trans-Pacific Partnership, which excludes China, is dead, that paves the way for Beijing to do its own deal with Asian nations.

Tech heavyweights from across the US have been reacting to Donald Trump's victory - and some are happier than others.   

Trump backer, external and Paypal co-founder Peter Thiel said:, external “Congratulations to President-elect Donald Trump. He has an awesomely difficult task, since it is long past time for us to face up to our country’s problems. We’re going to need all hands on deck.”

But Hyperloop One co-founder Shervin Pisheva called for an independent California - which backed the Democrat candidate Hillary Clinton as is the norm.

AOL co-founder Steve Case said he was disappointed at the outcome, but the result should be accepted: "I am surprised & disappointed. But now that the people have spoken, we should accept the result & work together to move the country forward," he tweets.

And Adam Singer, analytics advocate at Google, tweets:

Tom Espiner
Business reporter

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A Republican full house in the US - the presidency, as well as control of both the House of Representatives and the Senate - should have markets jumping for joy.

So why have markets around the world headed south?

Mattias Bruer of Nordic bank SEB has this explanation: "While a Trump presidency means more uncertainty in many different ways, the main market concern is probably about Trump’s trade policies. In particular, the Republican has suggested that huge import tariffs on China and Mexico will be imposed ... the risk of a trade war is elevated with adverse global growth effects."

Dominic O'Connell
Business Presenter, BBC Radio 4 Today programme

Some more thoughts from Dominic on Trump victory:

The other immediate focus will be trade. Megan Greene, an economist at the Canadian asset manager Manulife, says Trump’s bellicose plans, with threats of immediate tariffs on Chinese goods and a crackdown on Mexican imports, will trigger a US recession. 

A recession In the world’s biggest economy with world trade already faltering could tip the global economy over the edge. Trump, in the end, might mean slump.

Dougal Shaw takes a look at how the global financial markets reacted to Donald Trump's win.

Business producer Mark Broad tweets:

Investors are finding that some of the big stocks on the FTSE 100 could benefit from a Trump presidency, according to Ben Ritchie of Aberdeen Asset Management.

"What you're seeing today is defence companies, like Rolls-Royce, and healthcare companies, which had been threatened by some of Hillary Clinton's policies, actually recovering quite strongly," he tells the BBC. 

Pharmaceutical companies such as Astra Zeneca and GlaxoSmithKline are "very big parts of the FTSE", helping to explain why it has regained ground, Mr Ritchie adds.

Meanwhile, weapons maker BAE Systems is up almost 5% to a record high of 575p.

Predictions of where Wall Street will open have come back further compared with the fairly apocalyptic predictions earlier today.

Both the Dow and the S&P 500 are expected to down about 1.5% lower, with the Nasdaq off 1.9%.

This side of the pond the FTSE 100 is down about 0.2% at 6,830 points. 

The Press and Journal covers the north-east of Scotland, which includes the Trump International Golf Links.