Asian stocks have tumbled after results from the US presidential polls suggested a victory for Donald Trump looked increasingly likely.
All major markets in the region are now lower, with money flowing into safe haven stocks, gold and currencies including the yen.
Meanwhile the Mexican Peso has hit an all-time low against the dollar.
As traders had expected a comfortable Hillary Clinton win, even a tight race is enough to spark volatility.
Japan’s Nikkei 225 is down by 5.2% while the Hang Seng in Hong Kong is 3.8% lower and the Shanghai Composite has lost 1.6%.
Australia’s ASX 200 dropped by 2.1% while the Kospi in South Korea is 3.1% lower.
Earlier, US and European markets closed higher – but US stock futures fell sharply with the Dow Jones index expected to lose more than 4% – 800 points – when trading resumes on Wall Street on Wednesday.
A Donald Trump win had been widely seen as negative for Asia’s economies because of some of the protectionist rhetoric he’s talked about whilst on the campaign trail. He is viewed as the “great unknown” while Mrs Clinton is seen as an example of “better the devil you know.”
And as that prospect looks more and more likely, many investors in Asia are getting concerned, and the markets are reflecting that.
On the Singapore trading floor where I’ve been all day, things started with cautious optimism that Mrs Clinton might have a significant lead, but that has all changed.
As results trickle in, the first mutterings of “too close to call” began, swiftly replaced by a growing belief that the former reality TV show host would be the next president.
Referring to another potential shock on the cards, one trader said to me “it has the feel of Brexit, all over again.”
Join GhanaStar.com to receive daily email alerts of breaking news in Ghana. GhanaStar.com is your source for all Ghana News. Get the latest Ghana news, breaking news, sports, politics, entertainment and more about Ghana, Africa and beyond.
(Via: CitiFM Online Ghana)
