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Business

Markets tumble as election swings toward Trump

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Business

Markets tumble as election swings toward Trump

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COMING UP:Markets tumble as election swings toward Trump

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00:00:02
>> Global markets are in a state of shock and sinking like a stone. Markets around the world had been comfortably pricing in a victory for Hillary Clinton in the US presidential election. But they are now turning quickly, as the race turns in favor of Donald Trump. I'm Reuters' Tara Joseph in Hong Kong.
00:00:19
Asian market trade has been underway for more than half the day now. And nervous traders are moving very quickly in a volatile environment. Things started calmly until the prospect of a Trump win became ever greater. US stock futures have fallen by more than 500 points, that's down almost 5%.
00:00:38
This type of swing lower is reminiscent of the Brexit vote in June. But the real scale of fear can be seen in the Mexican Peso, which is down more than 12%, its biggest daily move in two decades. That massive slide reflecting the fear in Mexico of what a Trump presidency could mean for the country's economy.
00:00:59
Here is Asia we're more than halfway into the trading day. The MSCI index, a broad gauge of the Asian markets, is down nearly 3%. In Tokyo the Nikkei has sunk more than 4%. And stocks are also tumbling in Hong Kong, China, India, and South Korea. On the currency front the US dollar is in a tailspin.
00:01:20
Falling steeply against the safe haven, Yen. The Euro is gaining ground. Markets are very nervous about a Trump victory. They see it as potentially bringing in a new geopolitical order. They're also worried about the state of global trade. From emerging markets, to the United States, to the European Open, it is set to be a volatile day.