World

Wall Street elite drown sorrows over Trump win

From plush apartments on the Upper East Side to bars in midtown Manhattan, New York's financial community watched in stunned dismay yesterday as Republican Donald Trump clinched the White House.

An early party mood quickly soured as donors and supporters of Mrs Hillary Clinton realised that the Democratic candidate - Wall Street's preferred choice because she represented the status quo - had lost, Reuters reported.

Many were lost for words.

"Not really much to say," said billionaire credit investor Marc Lasry.

Mr Trump's unpredictable pronouncements and opposition to free-trade agreements have made him unpopular with many financiers, who fear he could disrupt global trade and damage geopolitical relationships.

The US dollar sank and the S&P 500 index futures crashed.

Mr Joseph Peiffer, a lawyer who has represented investors and others in class-action lawsuits, cracked open a third bottle of wine.

It was his "only in the case of an emergency" bottle, while watching the returns during an election night party he hosted for about 20 friends and family members in his hometown of New Orleans.

"This seems like enough of an emergency to break it open," he said.

For Mr Trump supporters who work on Wall Street, his victory is a vindication.

"I'm very happy," said Mr Matthew Tyrmand, a private investor and contributor to the Breitbart News website, at a Young Republicans party at a bar off Madison Avenue, New York.

Mr Tyrmand, who had shorted stocks ahead of the election - a bet that stock prices will fall - said he had been called "delusional" for predicting a Trump win.

He said Mr Trump would be good news for markets because he understands the benefit of letting businesses fail.

Other Trump supporters hugged each other, sang "God Bless America", clinked glasses and called out "M-A-G-A!", the abbreviation for Mr Trump's campaign slogan "Make America Great Again".

But in one corner of the bar, a man and a woman downed shots before starting on pints of beer.

Asked if the drinks were out of celebration or depression, the response was quick. "Depression," the man said, declining to give his name.

Asian stocks fell sharply after election results came in, BBC reported.

All regional markets closed lower, with money flowing into safe haven stocks, gold and currencies including the yen.

Japan's Nikkei 225 dropped by 5.4 per cent. The Hang Seng in Hong Kong finished 2.2 per cent lower and the Shanghai Composite lost 0.6 per cent.

Australia's ASX 200 finished down 1.9 per cent while the Kospi in South Korea ended 2.7 per cent lower.

But in early trading last night, the Dow Jones Index was up 100 points.

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