European shares were down in early trading on Wednesday in the wake of the shock election result in the US but then rallied.
The Euro Stoxx 50 fell a couple of percentage points, with the FTSE in London down just under a point and the Dax in Frankfurt down 1.6 percent.
Following Trump's victory, some early corporate winners and losers are emerging in European stock markets https://t.co/2pQuGth0or 🔓— Wall Street Journal (@WSJ) November 9, 2016
But it may be too early to tell exactly what is happening.
Robert Halver, the head of capital markets analysis at Baader Bank, said: “We can forget the markets today, it’s clear that they will crash, the shock is so big.
“The markets react to either positive or negative things and it’s negative when no one saw this coming.The polls were clear.
“But I think today the markets will plunge deeply as we lick our wounds and it will only be in the days to come that we can think rationally.”
The US dollar fell and stock futures plunged five percent at one point overnight.
Asian markets also fell, with Tokyo shares down five percent.
The Mexican peso collapsed, down by more than 13 percent in after-market trading but then recovered.
Mexico is seen as particularly vulnerable economically with a Trump presidency.
Stock seen as safe havens have done better and so too has gold, with its traders expected to have a good day.
Why are markets so worried about a Trump victory? https://t.co/qU0jrj4KfR— The Economist (@TheEconomist) November 9, 2016