US stocks trade higher after Trump win
Dollar climbs against the euro, falls against sterling
FTSE 100 closes higher
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Today Programme
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When stock markets tumbled following the Brexit vote, the word "uncertainty" was used a lot.
Laura Lambie, senior investment director at Investec, says uncertainty is now back again because markets do not know what a Donald Trump presidency would look like.
"He's been very light in detail on what his plans are for the domestic economy," she tells Today.
Quote MessageBrexit should have been a warning for the markets and instead, it appears four months is more than long enough for such a historic event to be forgotten.”
Craig Erlam, Strategist at Oanda
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In a change from the 'don't panic' mantra, Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management, says: "Everyone wants to be the first to panic, not the last."
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There's a similar feeling in the markets at the moment to the Brexit vote, says BBC economics editor Kamal Ahmed.
"It does feel amazingly similar to that day in June when Britain voted to leave the European Union. I remember a lot of investors went to bed that night thinking 'well, I'll get up in the morning, Britain will be staying in the European Union, and it will be pretty much business as usual'.
"I think a very similar sense in the markets this morning in London - obviously trading hasn't opened yet, but on what are called the futures markets - those are markets which are judgments on which way the big American stock markets will go - the Dow, the S&P - have already been suspended because they've hit that automatic stop point - 5% sell-off already in the markets."
The billionaire investor Carl Ichan tells the Wall Street Journal: "You have no productivity in this country. I just think that we need change, very, very badly. That’s what I’ve been saying.”
Image source, Getty ImagesYukio Ishizuki, a senior forex strategist at Daiwa Securities, said: "Investors are more worried about him saying he would renegotiate the North American Free Trade Agreement. If the United States does that seriously, it would be more than just a [problem] for Canada and Mexico."
Today Programme
BBC Radio 4
Image source, ReutersGold has shot up nearly 5% - its biggest single-day gain since 24 June when it rose as much as 8% following the Brexit vote.
The safe haven asset has two things going for it, says US investor Jim Rogers.
A Trump victory would unsettle US markets - leading to investors seeking out assets like gold; but also India's move overnight to withdraw the 500 ($7.60) and 1,000 rupee banknotes.
India has a large black economy and big investments in gold, so the move is encouraging more money to move into the yellow stuff.
Spot gold has risen as much as 4.9% to $1,337.40 an ounce.
The BBC's Laura Trevelyan tweets:
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Today Programme
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US investor Jim Rogers - who bet against the US stock market, believing Donald Trump would win - says US stocks and the dollar are taking a heavy hit because of concerns about Mr Trump starting a trade war.
"Just about everything will go down," he tells the Today programme.
"If he wins, it's going to rattle people because he talks about trade wars," says Mr Rogers, who expected Mr Trump to win but didn't vote for him. "Trade wars throughout history have led to serious problems."
Will there be economic winners from a Trump presidency, he's asked.
"Sure, if you're in the wall building business."
Mark Broad
Business producer
It's going to be a bumpy ride on European stock markets today as FTSE 100 futures are down 3.4%, while S&P Futures are down 4.3%.
The VIX volatility index is up 27%, while gold is almost 5% higher as the markets react to counting in the presidential election.
The Mexican peso has sunk 12.3% to a record low against the dollar, which is itself down 3.5% against the yen.
Sterling and the euro have both risen sharply against the greenback too.
Quote MessageLightning appears to have struck twice as Trump is set for an unexpected victory. We should put these market moves in perspective - a near certain chance of a Hillary Clinton victory was priced in, so the pullback on this scale should is not a total surprise. Sterling is under-performing other currencies, such as the yen, Swiss franc and euro, against the dollar. It therefore cannot really be considered a safety play today. This could, however, very marginally reduce headwinds for the FTSE 100. After the dust settles, policy and appointments will matter the most. For markets, what happens to Fed chair Janet Yellen will be crucial. The impact of her future will be felt globally.
Geoffrey Yu, Head of UK Investment Office, UBS Wealth Management
Today Programme
BBC Radio 4
Image source, APToday business presenter Dominic O'Connell says markets are doing what they always do when there's a shock - a flight to safe haven assets.
He says gold is up $50 an ounce, and the Japanese yen - a traditional safe haven for investors pulling out of the dollar - is up sharply against the US currency on Donald Trump taking a commanding lead over Hillary Clinton.
All emerging market currencies are down sharply, with the Mexican peso falling to its lowest level ever against the dollar.
Stock market commentator David Buik tweets:
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Emergency meeting called to discuss strong yen
A strong yen is not what the Japanese economy particularly wants at present, given the impact it has on the nation's numerous high-tech and car exporters.
The strong yen could derail Japanese Prime Minister Shinzo Abe's spend-for-growth policy which has pushed the Japanese currency down.
AFP says the meeting on "exchange of information about financial markets" will take place between the Bank of Japan, the Finance Ministry and the Financial Services Agency.
Bookmaker Paddy Power tweets...
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BBC business presenter Sally Bundock says the markets are lowering expectations on the Federal Reserve raising US interest rates next month.
Traders had widely expected the Fed to raise rates if Hillary Clinton won the election.
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Image source, Getty ImagesThe Tokyo market has sunk as Donald Trump appeared to be closing in on the White House.
The Nikkei 225 index fell 5.4% to 16,251 points after a wild day of trading, while the broader Topix index fell 4.6%, or 62 points to 1,301.
Quote MessageWith the Republicans holding the Senate and the House, there is now a greater chance that some, or all, of Trump's fiscal plan will be enacted. But the tax cuts, which are worth around $6trn over the next decade, would be mostly unfunded, particularly if Trump also boosted infrastructure and defence spending. It is hard to believe that the Tea Party fiscal conservatives in Congress would be willing to blow out the budget deficit like that. It would put the Federal debt burden on course to exceed 100% of GDP within a few years. On trade, we expect Trump to start by labelling China a currency manipulator and to bring a number of perceived disputes to the WTO. Tariffs are possible further down the line, but won't be the first option. He will also insist on renegotiating NAFTA, but it is hard to know what he hopes to achieve. His main criticism is that Mexico (and Canada for that matter) has a VAT, which he has characterised as a one-way de factor tariff. That is economic gobbledygook. TPP and TIPP are dead. Given the adverse market reaction we have already seen, the Fed's planned December rate hike is now off the table. There is a possibility that Fed Chair Janet Yellen and even some other Fed Governors (Lael Brainard??) will resign immediately. Although Trump can't sack Yellen before her term ends in February 2018, his win demonstrates that many Americans share his view that she has been overtly political. Under those circumstances, she may feel duty-bound to step aside
Paul Ashworth, Chief US economist, Capital Economics
The BBC's Mark Broad tweets...
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