World stock markets recover from initial ‘Trump slump’

London / AFP

World stock markets reacted with a sharp initial downturn to maverick Republican Donald Trump’s shock election win on Wednesday, but quickly recovered their poise with surprising resilience.
Asia kicked off a ‘Trump slump”, with Tokyo diving on concerns over the untested policies of the billionaire businessman and reality TV star.
Europe followed suit, tipping about two percent lower at the open in Frankfurt, London and Paris. But all three markets rebounded into slender gains after Trump’s conciliatory victory speech and as Wall Street opened firmer before nervously flitting in and out of negative territory.
“Donald Trump’s victory in the US presidential election has, so far, had less impact on financial markets than most anticipated,”said Andrew Kenningham, Senior Global Economist at Capital Economics.
“We suspect that it has also made little difference to the immediate outlook for the global economy,” he said, adding however that there were “bigger question marks” over longer-term prospects.
“After that initial plunge, European markets have seen a remarkable recovery this post-election Wednesday,” said Spreadex analyst Connor Campbell.

UAE greets Trump on winning US presidential election

ABU DHABI / WAM

President His Highness Sheikh Khalifa bin Zayed Al Nahyan has congratulated Donald Trump on being elected as the 45th President of America, wishing him success in his future tasks. Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, dispatched similar cables to Trump.