PRESIDENTIAL RACE | Dow futures, Asian shares tumble as Trump leads
HONG KONG (AP) — Financial markets went on a wild ride Wednesday, as Wall Street index futures and Asian stock benchmarks tumbled on the rising possibility of a Trump presidency.
Shares had been higher early in Asia’s Wednesday trading session but then turned sharply as investors unloaded shares when Donald Trump first gained the lead in the electoral vote count.
A Trump presidency is seen likely to bring added uncertainty on various issues, including trade policies.
Pricing in a possible Trump victory, Dow futures were down 3.8 percent or 687 points at 17,593.00 and S&P futures had dropped 4.6 percent to 2,037.80.
Oil and the dollar tumbled, the Mexican peso sank and gold surged as investors sought a safe haven.
As of 11:30 EST (0430 GMT), Trump had taken 216 electoral votes to Hillary Clinton’s 197.
In Asian trading, Japan’s Nikkei 225 index plunged 4.2 percent to 16,458.75 and Hong Kong’s Hang Seng slumped 2.8 percent to 22,262.74. South Korea’s Kospi shed 2.7 percent to 1,949.07, the Shanghai Composite index fell 1.3 percent to 3,106.23 and Australia’s S&P ASX/200 in sank 1.7 percent to 5,167.00.
Benchmarks in Taiwan, Singapore, the Philippines and Indonesia also lost ground.
“A Trump victory would be certain to surprise markets and generate a global uncertainty shock,” Societe Generale economists Klaus Baader and Michala Marcussen said in a research report.