Markets Right Now: Safe haven investments rise as Trump wins

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A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Nov. 9, 2016. The rising prospect of a Trump presidency jolted markets around the world Wednesday, sending Dow futures and Asian stock prices sharply lower as investors panicked over uncertainties on trade, immigration and geopolitical tensions. (AP Photo/Ahn Young-joon)

The latest on developments in financial markets (All times local):

9:35 a.m.
As stock markets around the world take a tumble following the election of Donald Trump as president of the United States, investments traditionally viewed as safe havens are getting a lift.

Gold is up 1.8 percent at $1,297 an ounce, while the Swiss franc has risen against the dollar, which is down 0.7 percent at 0.9725 Swiss francs. The Japanese yen has also been heavily in demand, with the dollar down 1.9 percent at 103.17 yen.
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9:15 a.m.
European markets have opened lower after Donald Trump was elected president of the United States.
The Stoxx Europe 600 index was down 2.2 percent, while Germany’s main DAX index opened 2.9 percent lower. The euro was 0.6 percent higher at $1.1092 as the dollar dropped across the board.
Carsten Brzeski, chief economist at ING Germany, said markets faced “chaos and turmoil” in coming days because of uncertainty about what economic program Trump would follow. Germany, for instance, depends heavily on global trade, while Trump has spoken out against trade treaties.
Brzeski said global market turmoil could be worse than that which followed the British vote to leave the European Union due to the bigger role the U.S. plays in the global economy.
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5:30 a.m.
Japan’s benchmark Nikkei 225 has briefly plunged more than 6.1 percent as investors react to the prospect of a Trump presidency.
By late in Tokyo’s trading session, the Nikkei was down 5.2 percent, after the Kyodo News agency reported that top officials from the Bank of Japan, Finance Ministry and Financial Services Agency would meet later in the day to discuss how to respond to possible wild fluctuations in financial markets.
Japanese shares tend to gain when the yen weakens, since that can help manufacturers when they bring back profits from overseas. On Wednesday, the dollar had dropped 3.2 percent to 101.58 yen from a high of 105.46 earlier in the day.
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4:00 a.m.
Investors are unloading shares as prospects for a Trump presidency appear to be rising. Dow futures have tumbled 3.5 percent or 643.00 points to 17,647.00 and S&P 500 futures are down 4.1 percent or 86.50 points at 2,049.00.
Shares are tumbling across Asia, with the Nikkei 225 index in Tokyo down 4.4 percent at 16,410.55. India’s Sensex has sunk 5.4 percent to 26,164.36.
The dollar has plunged against the yen, dropping to 101.99 yen from 105.46 yen earlier in the session.
The Mexican peso, seen as a proxy for Trump’s chances of winning, has fallen 10.7 percent to 20.32 pesos to the dollar.
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2:30 a.m.
Share benchmarks are tumbling across Asia after Donald Trump gained the lead in electoral votes, with 137 to Hillary Clinton’s 104 as of 9:30 p.m. EST (0230 GMT). Markets had opened solidly higher but quickly shed those gains, reflecting investor concern over what a Trump presidency might mean for the economy and trade.
Japan’s Nikkei 225 index dropped 2.4 percent to 16,777.85 as the U.S. dollar sank against the Japanese yen, a trend that would be unfavorable to exporters. Hong Kong’s Hang Seng plunged 1.7 percent to 22,514.70.
South Korea’s Kospi index fell 1.4 percent to 1,976.49 and Australia’s S&P ASX/200 lost 1.2 percent to 5,196.70.
Earlier, investors had appeared convinced that Hillary Clinton would win the presidency. Clinton is viewed as a more stable option who might maintain current policies.
In currency trading, the U.S. dollar was trading at 102.60 yen down from a high earlier in the session of 105.46. The euro was at $1.1142, up from its previous close of $1.1020.
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1:00 a.m.
Shares are mostly higher in Tokyo and other Asian markets as U.S. polls begin to close in the culmination of a highly charged presidential race.
Japan’s Nikkei 225 index added 1.3 percent to 17,401.90 as the U.S. dollar surged against the Japanese yen, a trend that would help exporters.
South Korea’s Kospi index added 0.4 percent to 2,012.41 and Australia’s S&P ASX/200 jumped 0.8 percent to 5,298.80.
Analysts said most investors appeared convinced that Hillary Clinton will beat Donald Trump. Clinton is viewed as a more stable option who might maintain current policies.
In currency trading, the U.S. dollar was trading at 105.29 yen up from 104.96, and the euro was at $1.1000, just below its previous close of $1.1020.

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