Asian markets tumble as Donald Trump takes White House; gold, yen rise

Japan's Nikkei 225 lost 5.4 percent while India's Sensex benchmark index lost nearly 6 percent.

China stocks
An investor is seen in front of an electronic screen showing stock information at a brokerage house in Beijing, China, January 27, 2016 Reuters

Asian stock markets ran into headwinds after Republican Donald Trump surged to a shock win in the US presidential election 2016.

Asia's major markets closed lower on Wednesday as investments fled to safe haven assets like gold and currencies.

Japan's Nikkei 225 lost 5.4 percent while India's Sensex benchmark index lost more than 1,500 points or nearly 6 percent.

US stock futures also suffered losses with the Dow Jones index losing more than 4 percent. European stock markets are also struggling to seize up the impact of the unexpected victory of Republican Trump.

In Hong Kong the Hang Seng index finished 3.1 percent lower and Australia's ASX 200 finished down nearly 2 percent. South Korea's Kospi index lost 2.7 percent.

Asian markets were in jitters when prospects of a Trump presidency emerged quite early in the vote counting stage. Trump had vowed to take a more protectionist economic policy and stated clearly his opposition to the outsourcing of US jobs to Asia.

Gold made gains as the yellow metal is seen as a safe haven asset in times of market turbulence. Also safe haven currency Japanese yen made a 3 percent gain against the dollar.

In the acceptance speech a victorious Trump evaded the many sensitive pitches that defined his bitter campaign and said he would unify all Americans and get along with all other nations in the world.

"I want to tell the world community that while we will always put America's interests first, we will deal fairly with everyone," trump said.

Earlier Democrat Hillary Clinton, who ran spirited campaigns to win the White House twice over the last decade, called up the incumbent president and congratulated him.

Hillary conceded defeat after US TV networks declared Trump won battleground states Pennsylvania and Wisconsin, taking his electoral college tally beyond 270.

Related topics : Us presidential election