Stock markets around the world have been digesting the impact of a Trump administration.
The prospect of looser regulation lifted US bank stocks, with Frankfurt-listed shares in Goldman Sachs, JPMorgan and Morgan Stanley up between 8 and 9 per cent in early European trading. Futures on the S&P 500 and Nasdaq 100 indices climbed 2.4 and 1.8 per cent respectively, while those linked to the small-cap Russell 2000 rose about 5 per cent.
Shares in Tesla, whose chief executive Elon Musk became one of Trump’s most vociferous backers, rose 12 per cent in pre-market trading.
European defence stocks have surged on the prospect of rising spending on defence by European governments. Carmakers took a hit, with auto stocks slumping on fears of new tariffs. Renewable power stocks dropped on fears that Trump could block US wind projects, with Denmark’s Ørsted down 14 per cent in early trading.
Tariff fears hit Chinese markets, with Hong Kong’s Hang Seng index down 2.2 per cent.
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