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Markets Right Now: Asian shares tumble as Trump gains

7 months 2 weeks 3 days ago November 08, 2016 Nov 8, 2016 Tuesday, November 08 2016 November 08, 2016 9:40 PM in News
Source: Associated Press
By: ApNewsNow

HONG KONG - 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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