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European stocks tumble on Trump presidential win; DAX down 1.52%
© Reuters. European stocks move sharply lower on U.S. election results
Investing.com - European stocks tumbled on Wednesday, after Donald Trump was declared the 45th U.S. President, sparking a wave of uncertainty across global financial markets.
During European morning trade, the EURO STOXX 50 plummeted 1.62%, France’s CAC 40 retreated 1.47%, while Germany’s DAX 30 lost 1.52%.
Global equity markets plunged after Trump received a call from rival Hillary Clinton to concede the presidency, after he clinched victories in the key battleground states of Florida, North Carolina and Ohio.
A Trump victory is considered as negative for financial markets as his policies are source of uncertainty for the U.S. economy.
Financial stocks were sharply lower, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) plunged 2.90% and 3.48%, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) lost 4.68% and 4.57%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) plummeted 3.80% and 4.38%, while Spanish banks Banco Santander (MC:SAN) and BBVA (MC:BBVA) dove 2.36% and 6.13%.
On the upside, Bayer AG (DE:BAYGN) rallied 1.45% following reports the German pharmaceutical company is seeking the approval of federal health regulators to have its drug Stivarga as second-line treatment for liver cancer patients.
In London, FTSE 100 dropped 0.93%, led by Experian, whose shares plummeted 4.22% after the information services company said both revenue and profits fell slightly in the six months to September 30 and that it plans to sell its email marketing arm.
Financial stocks were also broadly lower, as Lloyds Banking (LON:LLOY) lost 2.26% and the Royal Bank of Scotland (LON:RBS) declined 2.46%, while HSBC Holdings (LON:HSBA) and Barclays (LON:BARC) tumbled 2.47% and 2.76% respectively.
J Sainsbury PLC (LON:SBRY) saw shares sink 3.25% after saying it is concerned over rising inflation after reporting a pre-tax profit decline of almost 10% in the first six months of 2016.
Meanwhile, mining stocks were broadly higher on the commodity-heavy index. Shares in Glencore (LON:GLEN) rose 0.34% and Rio Tinto (LON:RIO) advanced 0.89%, while Randgold Resources (LON:RRS) surged 4.80% and Fresnillo (LON:FRES) soared 8.81%.
In the U.S., equity markets pointed to a sharply lower open. The Dow Jones Industrial Average futures pointed to a 1.64% drop, S&P 500 futures showed a 1.90% loss, while the Nasdaq 100 futures indicated a 2.48% plunge.
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