International Markets Took A Major Hit As Donald Trump Won The Election
As the results for the 2016 election rolled in, a considerable number of people were overcome with feelings of anxiety, panic and confusion. This apparently extended to across our borders to international markets as their plunged on Tuesday night.
The Washington Post reports that financial institutions, both domestic and abroad, took a major hit when the news became all but confirmed that Donald Trump would be the next president of the United States.
The Dow Jones futures – which is an early indication of how the Dow Jones Industrial Average will look at the opening of the next day – dropped a whole 750 points.
The value of the Mexican Peso also dropped a total of 11 percent, which was an eight-year low. Markets in both Europe and Asia also saw noticeable drops.
“Back in June, the markets had all but priced in a U.K. vote to remain in the EU, this time it was a similarly favorable market outcome that traders were banking on—a Clinton victory—and it seems that once again, they may have got it wildly wrong,” said Craig Erlam, senior market analyst at Oanda, according to MarketWatch.
While one of Trump’s main selling points was that he would use his business savvy to improve the U.S. economy, the initial reactions to his winning from other nations doesn’t seem to be too promising.
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