Asia report: Markets turn red as Trump fears become reality

In Japan, the Nikkei 225 lost 5.36% to close at 16,251.54, with the yen - considered a safe haven currency - strengthening as the session dragged on.

The yen was last 2% stronger on the greenback at JPY 103.06 per $1.

On the oil front, Inpex slipped 4.15% in Tokyo.

Markets on the mainland were moderately lower, with the Shanghai Composite off 0.61% at 3,128.77 and the Shenzhen Composite down 0.58% at 2,068.47.

Energy shares were down in China too, with Shanghai Petroleum off 1.19% and China Petroleum 0.6% softer.

Consumer inflation rose in the People’s Republic in October, to 2.1%, with producer prices 1.2% higher year-on-year, which was the highest reading in almost half a decade.

South Korea’s Kospi lost 2.25% to 1,958.38, while in Hong Kong the Hang Seng Index finished 2.16% softer at 22,415.19.

In Seoul, S-Oil was down 0.96% by end of play.

“Markets are in all out panic mode that President Trump could become a reality,” noted City Index research director Kathleen Brooks before the result was confirmed.

“Trump has taken the key battleground states of Ohio and Florida.

“If Trump does win this election then the pollsters may have wrong-footed the markets once again.”

Oil prices were down during Asian trading, though they were picking up as the baton was handed to Europe, with Brent crude last up 0.3% at $46.18 and West Texas Intermediate adding 0.27% at $45.10.

In Australia, the S&P/ASX 200 finished down 1.93% to 5,156.55, with all subindexes in the red except for the safe haven of gold, which was up 9.61%.

It was a record day for the Sydney bourse, with 1.71 million trades recorded during the session - a significant jump on the previous record of 1.53 million, posted on the day of the Brexit result - 24 June.

Oil players were some of the country’s biggest losers, with Oil Search down 4.89% and Santos off 7.53%.

New Zealand’s S&P/NZX 50 plunged 3.3% to finish at 6,664.22 - it was the largest single-day percentage drop in more than five years.

It was led lower by accounting software firm Xero, often cited as an example of a volatile New Zealand stock, which plummeted 5.8%.

The down under dollars were both weaker, with the Aussie last off 1.2% at AUD 1.3039 against the greenback, and the Kiwi 1.09% weaker at NZD 1.3687 per $1.