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Business

After Trump, a stock selloff, but no meltdown

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Opening sequence

Business

After Trump, a stock selloff, but no meltdown

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COMING UP:After Trump, a stock selloff, but no meltdown

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Transcript

00:00:00
>> After Trump a market shock but maybe not the one traders expected. Equities at first, tumbling all over the world. Safe havens like the Japanese Yen and US government bonds soaring. But then, a change.>> On the trading floor at BGC Partners in London, I'm Reuters reporter Julian Satterthwaite.
00:00:17
LAUGH] A
busy morning here as you might imagine. Lots of hubbub, many comparing it to the hours after the Brexit vote in June. But with one big difference. Within an hour of the open, UK equities at least were clawing their way back into the green.>> The gains in London were fragile with the 100 index in a doubt of positive territory.
00:00:36
Equity markets in France and Germany down but less than expected. They had been forecast to lose around 4%. The dollar and the Mexican peso also steadying after a stormy night. Market strategist Mike Ingram says, traders are taking a wait and see approach.>> Donald Trump doesn't become president for another two months.
00:00:55
And we need to hear what kind of policies are likely to be rolled out. Is there going to be a difference between the rhetoric on the campaign trail. And the sort of legislation which of the Republicans are actually going to be able to enact?>> USA, USA.>> A change of tone from Donald Trump perhaps one factor.
00:01:13
No talk of locking up Hillary Clinton when he made his acceptance speech.>> And we owe her a major debt of gratitude for her service to our country.>>
APPLAUSE
>> But markets are far from calm. Traditional safe havens, like gold, still up strongly on the night. And some individual stocks really suffering.
00:01:33
Spanish bank BBVA, down around 7%, traders noting how much business it does with Mexico. Wind turbine makers like Vestas tumbling on the election of a climate change skeptic. No doubting the drama of Wednesday morning then. Exactly how it plays out now though, deeply uncertain.