Trump's surge in the US election count brought carnage to Asian markets

Donald Trump. Photo: Getty Images.

What started with an optimistic tone quickly turned to fear on Asian markets as the count in the US presidential swung in favour towards Republican presidential nominee Donald Trump.

It now looks like he’ll win.

Stocks, commodities, and higher-yielding currencies were all hammered in Asian trade.

The scale of some of the declines seen are enormous, even exceeding the carnage that was witnessed after the UK Brexit vote just five months ago.

The Nikkei in Japan, thanks in part to the yen ripping higher on the back of heightened risk aversion, closed the session down 5.36% at 16,251.54.

Nikkei 225 5-Minute Chart

Massive.

It was the largest percentage decline since the UK Brexit vote on June 24 and left the index sitting at the lowest level since August 5.

The slide in Japan was mirrored in other major indices across the region.

Stocks in Australia and Singapore fell close to 2% while those in South Korea and Taiwan plunged by closer to 3%.

In late trade, the Hang Seng is down 3%.

Even mainland Chinese markets, often immune to the events elsewhere in the world, are trading down between 0.4% to 0.7%.

That’s smaller than what many investors had feared.

Like the carnage in stocks, commodities also fell with a thud with Brent and WTI crude futures both down close to 3%.

Copper, as a barometer of the health of the global economy, or perhaps where it’s heading, is down 0.7%.

Gold, as a safe haven, is the one exception to the rule, jumping over $US40 an ounce to $US1,319.16.

The Japanese yen, euro and Swiss franc — also well known safe havens — are trading up by between 0.9% to 1.9% against the US dollar.

The Mexican peso – Japanese yen cross, or MXN/JPY — a barometer of investor sentiment towards the election result — is currently down more than 13%, having plunged by 16% earlier in the day.

US treasurys have also strengthened with the yield on the benchmark 10-year note sitting at 1.769%, down 0.089% from Tuesday’s close.

It’s been an ugly, bruising session for investors.

Here’s the scoreboard as at 5pm in Sydney:

Stocks

  • ASX 200 5156.60 , -101.19 , -1.92%
  • Nikkei 225 16226.32 , -945.06 , -5.50%
  • Shanghai Composite 3141.36 , -6.53 , -0.21%
  • Hang Seng 22276.12 , -633.35 , -2.76%
  • KOSPI 1948.23 , -55.15 , -2.75%
  • S&P 500 Futures 2035.00 , -100.50 , -4.71%

Forex

  • MXN/USD 20.69 , 2.393 , 13.08%
  • MXN/JPY 4.9123 , -14.42 , -14.42%
  • USD/JPY 101.71 , -3.43 , -3.26%
  • USD/CNH 6.7778 , -0.2600 , -0.02%
  • AUD/USD 0.7615 , -0.0146 , -1.88%
  • NZD/USD 0.7309 , -0.0075 , -1.02%
  • EUR/USD 1.1268 , 0.0245 , 2.22%
  • GBP/USD 1.2499 , 0.0122 , 0.99%

Commodities

  • Gold $1,325.06 , $49.80 , 3.91%
  • WTI Futures $43.71 , -$1.27 , -2.82%

10-Year Bond Yields

  • Australia 2.230% , -0.130%
  • US 1.769% , -0.089%

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.