Donald Trump Declared 45th US President, Financial Markets Tumble

Republican nominee for US President, Donald Trump has been elected as the 45th United states president. This is spooking the financial markets in Asia and around the globe. Dow Jones futures are currently down over 800 points.

In Japan their benchmark stock bourse, the Nikkei 225 is down over five percent as the yen has climbed higher over the US Dollar. The USD/JPY Forex pair as of 12:40 pm HJ time was at 101.55. It had been at 105.45 earlier. Japanese Yen is trading at 103.40.

In the Down Under, the S&P ASX 200 was down over 2.2 percent as it retraced early gains of 0.8 percent. The Australian benchmark is seeing broad losses across all sub-indices accept for gold which has soared over eight percent.

It is now official declared that Donald Trump will be the next president of the United States and markets are in all out panic mode. He has taken a number of key battleground states like Ohio and Florida. If he does win, then the pollsters have been very much in the wrong the entire time. This caused the markets to be on the wrong foot pricing in the wrong candidate for victory.

According to NBC News, Trump has now won the following states: Alabama, Arkansas, Mississippi, Oklahoma, Tennessee, Iowa, Idaho, Indiana, West Virginia, South Carolina, Kansas, Missouri, Montana, Nebraska, North Dakota, South Dakota, Texas, Wyoming, Louisiana and Kentucky. Hillary Clinton has taken: California, Connecticut, Colorado, Delaware, Hawaii, Oregon, Illinois, Maryland, Massachusetts, New Mexico, New Jersey, New York, Rhode Island, Vermont and Washington. She is also the leader in the nation’s capital of Washington DC.

Looking at the Forex markets, right now, the US Dollar index (which tracks the Greenback against a basket of currencies) is now down over 1.6 percent at 97.27 as of 12:50 pm HK time. The Mexican peso, which has been a barometer of the US Presidential election, has shown a great deal of volatility over the last several weeks. As of 12:50 pm HK time, the USD/MXN was up over 13 percent to trade at 20.72. It had been at a low of 18.14 at some point this morning. Currently, the Mexican Peso is trading at 19.83 up 8.47%.

A quick look at the world’s biggest safe haven asset, gold, is noting the yellow metal was trading at $1,324.60 per ounce. This is up over 3.8 percent on the day. However, as of 8:14 GMT gold is retracing and trading at 1294.