Donald Trump wins 47th presidency – US futures rise, Europe rises, Asia mixed, rough declines and dollar strengthens

Election update 2024: Donald Trump won the 2024 election against his Democratic rival Kamala Harrisaccording to the Associated Press. In his victory speech before the election was officially called, he praised the support of running mate JD Vance and Elon Musk.

Trump called it “the greatest political movement” and promised to “fix everything about our country.”

On Tuesday, November 5, US markets closed higher, led by broad gains across sectors, as economic data pointed to resilience in the services sector. However, investors remain wary as volatility is expected due to the tight presidential race between Trump and Harris, which will impact both bond and currency markets.

Economic data shows the U.S. trade deficit widened to $84.4 billion in September, the highest level since April 2022 and exceeding market expectations of $84.1 billion. The PMI for ISM services rose to 56 in October, the highest level since August 2022.

The majority sectors in the S&P 500 ended in positive territory, led by notable gains in consumer discretionary, industrials and utilities.

The Dow Jones Industrial Average rose 1.02% to close at 42,221.88, the S&P 500 rose 1.23% to 5,782.76 and the Nasdaq Composite climbed 1.43% to end at 18,439.17.

Asian markets today

• On Wednesday, Japan’s Nikkei 225 gained 2.16% to close the session at 39,428.50, led by gains in the glass, transportation and banking sectors.

• Australia’s S&P/ASX 200 rose 0.83% to end the day at 8,199.50, led by gains in the IT, financials and consumer discretionary sectors.

• India’s Nifty 50 was 1.16% higher at 24,493.90 and the Nifty 500 rose 1.61% at 23,043.90, led by gains in the Technology, Oil & Gas and Capital Goods sectors.

• China’s Shanghai Composite fell 0.09% to 3,383.81, and the Shenzhen CSI 300 fell 0.50% to end the day at 4,024.28.

• Hong Kong’s Hang Seng fell 2.23% to end the session at 20,538.38.

• Chinese markets fell as Trump’s US election victory raised concerns about renewed trade and technology tensions. Investors remain cautious and hedge against potential tariffs and sanctions affecting Chinese assets.

Eurozone at 5:30 am ET

• The European STOXX 50 index rose 1.06%.

• The German DAX gained 1.18%.

• The French CAC rose by 1.75%.

• The British FTSE 100 index was 1.42% higher.

Commodities at 6am ET

• WTI crude was trading 1.17% lower at $71.11/barrel, and Brent was down 1.28% at $74.60/barrel.

• Oil prices fell as the dollar rose on Trump’s expected election victory and a bigger-than-expected rise in US crude.

• Natural gas rose 0.11% to $2.673

• Gold traded 0.55% lower at $2,734.40, silver fell 1.30% to $32,350 and copper fell 2.68% to $4.3558.

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