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Summary

  1. US stocks trade higher after Trump win
  2. Dollar climbs against the euro, falls against sterling
  3. FTSE 100 closes higher
  4. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Daniel Thomas

All times stated are UK

Get involved

Until tomorrow...

That's all from me folks, and thanks for reading Business Live on what has been a momentous day in US politics. We'll be back tomorrow with more news and views on the markets, along with further reaction to today's election result.    

US markets close higher after Trump win

US traders
Getty Images

US markets closed higher today, defying expectations of a slump following Donald Trump's election win.

The Nasdaq index was 1.1% higher at 5,251.07 points, the Dow Jones was up 1.4% at 18,589.69 and the S&P 500 was up 1.1% at 2,163.26 points.

Pharma stocks performed strongly as Hillary Clinton's defeat allayed fears of a clampdown on industry pricing. Ariad Pharmaceuticals Inc jumped 23.5% while Ionis Pharmaceuticals Inc was up 21.87%.

Suppliers of raw materials and machinery also did well, buoyed by Mr Trump's plans to invest heavily in US infrastructure projects. Caterpillar Inc was up 7.72% while United States Steel Corp jumped 17.17%.

Mexican peso hits all time low

Mexican bureau d'exchange
Getty Images

Mexico's currency took a battering today following the election of Donald Trump, who has promised to build a wall between the two countries and tear up trade agreements.

In late afternoon trade, the peso was down by around 8% at roughly 20 pesos to the dollar, its lowest value against the US currency in history. The Mexican stock market was also down by more than 2%.

'Inequality drove Trump victory', says Resolution Foundation

Voting patterns/ income
Resolution Foundation

This interesting blog from the Resolution Foundation explores the connection between inequality and Donald Trump's win.

Torsten Bell says the move towards Mr Trump and away from the Democrats "was entirely amongst middle and low income voters, with a huge 16% point net move". 

He blames two big trends that have been building in the US for the last 40 years.

First is "the simple fact that wages for the typical worker have not kept pace with the growth of the economy during that time – and indeed have simply flat-lined for large chunks of that period" (see chart below). 

The second is the falling rate of workforce participation, as opposed to employment.

"In America today many more people are neither working nor looking for work than was the case in the past. This partly reflects a failure in the US to bring women into the labour force in the way that has been done in much of Europe, but it is driven by more and more men dropping out of the world of work entirely," Mr Bell says.

Wage chart
Resolution Foundation
US workforce participation chart
Resolution Foundation

Shell shuts down Nigerian flow station

BBC World Service

The oil giant Shell says it has shut down one of its flow stations - where oil from the well flows for treatment - in Nigeria's Delta region due to a protest at the facility, reports BBC World Service. 

Demonstrators at the Escravos station said this was their eighth day of protest against the lack of good roads, electricity and water supplies. 

Militants demanding a greater share of Nigeria's oil wealth have attacked a number of pipelines in recent days. A pipeline carrying crude oil from Shell's Forcados terminal has been sabotaged three times in the past week.

Trump must keep up 'positive tone'

Mohamed El-Erian
BBC

Mohamed El-Erian, chief economic adviser at Allianz, says there are three things Donald Trump should do in the coming days to sooth market volatility. 

Firstly he should keep up a positive tone; second, he should stress the pro-growth elements of his programme such as corporate tax reform and infrastructure; and third, he should avoid references to "dismantling" the North American Free Trade Agreement and "slapping tariffs on Mexico and China".

If he focuses on trade protectionism, however, it could risk 'stagflation': lower growth and higher inflation. "Markets do not like stagflation... it will create instability, both economic and financial," says Mr El-Erian.

'The Tans-Pacific Partnership is in the dustbin'

Gary Hufbauer
BBC

Gary Hufbauer of the Peterson Institute for International Economics says a Trump presidency means the end of big free trade deals.

He told the BBC: "The [recently signed] Tans-Pacific Partnership is in the dustbin and the ones that are in negotiation, like the Transatlantic Trade and Investment Partnership is in the freezer, and there are a couple of others that are also in the freezer. 

"The real question is how fast and how far Mr Trump cuts back on existing trade arrangements by putting up new tariffs and terminating, for example, the North American Free Trade Agreement." 

However, Mr Hufbauer does not think Mr Trump will start a trade war with China, as this would dampen market enthusiasm about his fiscal stimulus plans in the US. 

Dollar up against euro

The dollar dived after the US election result was called, but has continued to recover against the euro during the day.

By late afternoon it was trading 0.92% higher at €0.915, although it was down 0.29% against the pound at £0.805 

Dollar to euro
BBC
Dollar to pound
BBC

Edinburgh hotel up for sale

Some more non-US election news...

The Scotsman Hotel
JLL

An Edinburgh five-star hotel has been put up for sale.

The Scotsman Hotel, on North Bridge, went into liquidation in June, but the owners, JJW Hotels and Resorts group, were allowed time to look for a way to salvage the business.

However, they failed to find a solution so now the 69-bedroom hotel has been put on the market.

It is being allowed to keep trading and none of the 150 staff have lost their jobs. Read more here

How realistic are Donald Trump's aims?

BBC World Service

Donald Trump's aims of doubling economic growth and creating 25 million new jobs may sound great. 

But are they realistic? And can they really be achieved with Donald Trump's massive tax cuts? Economist Dr. Irwin Stelzer of the Hudson Institute has seen a fair number of Presidents come and go and he's been talking to World Business Report on World Service.

Dr Irwin Stelzer of the Hudson Institute assesses Donald Trump's economic plans.

Goldman 'considering Frankfurt move' on Brexit fears

Some non-Trump business news...

Goldman Sachs
Reuters

Goldman Sachs is considering moving some of its assets to Frankfurt due to concerns about Brexit, Reuters has reported, quoting sources. 

The bank is said to be nervous about the prospect of a "hard Brexit" - whereby the UK quits the single market - and sees the step as a way to maintain its EU trading rights.

However, sources said the move would be uncharted legal territory and the bank had not yet taken a decision on the matter.

It follows warnings from the British Bankers' Association in October that large banks were getting ready to relocate out of the UK early next year over fears around Brexit. 

Fed 'likely to raise rates' despite election result

Janet Yellen
Getty Images

Donald Trump is no fan of US Federal Reserve chair Janet Yellen, but despite his victory, analysts still believe the central bank will raise rates in December. 

According to a Reuters poll of 62 economists taken today, 85% said they believed the Fed would go ahead with a hike, its first in a year. 

"We are not going to rush into changing our call for a rate hike at the December meeting," said Jim O'Sullivan, US economist at High Frequency Economics, a forecaster.

Chicago Fed president Charles Evans said only a "pretty sizeable" negative surprise would convince the Fed to change course. 

And Jeremy Schwartz, economist at Credit Suisse, said: "We think economic conditions and Fed rhetoric both point to going in December." 

Most said Mrs Yellen is likely to serve the remainder of the 15 months left in her four-year term, but that Mr Trump is unlikely to reappoint her.

President Obama seeks 'successful transition' with Trump

President Obama
BBC

President Obama has been speaking about the election result. 

He said he had congratulated Mr Trump and invited him to the White House to talk about creating a "successful transition between our presidencies".

It is no secret the pair have "significant differences", he said, but that was also the case with George W Bush and the transition in 2008 worked well.  

He added: "We are now all rooting for Donald Trump's success in uniting and leading the country."

Wall Street stocks turn positive

US traders
Getty Images

Taking their cue from European markets perhaps, US stocks have now turned positive, defying fears of a slump.

The Nasdaq is up 0.67% at 5,228.03 points, the S&P 500 is up 0.74% at 2,155.31 and the Dow Jones has risen 0.84% to 18,487.07.

FTSE 100 closes higher

FTSE 100
BBC

The FTSE 100 closed 1% higher at 6911.84 points, as investors appeared to shrug off concerns about the US election result. 

Miners and pharma companies did particularly well as Mr Trump's victory augured business-friendly policies for both industries.  

Miners Fresnillo and Antofagasta were up by 10.69% and 8.91% respectively, while pharma business Shire climbed 8.29%.

The biggest faller was Sainsbury's, down 6.58% after a poor set of results. 

The pound was also holding its own, trading 0.67% higher at $1.246.

'We owe Donald Trump an open mind'

Mrs Clinton
BBC

Mrs Clinton has said the result of the election is painful - for her and for her supporters - and would be for a long time. 

"We have seen that our nation is more deeply divided than we thought," she added.

But she said the US people owed Donald Trump "an open mind and the chance to lead".

She also urged the country to "make our economy work for everyone, not just those at the top; to protect our country and our planet; and to break down the barriers that hold Americans back from achieving their dreams". 

BreakingHillary Clinton gives her concession speech...

Mrs Clinton
BBC

Hillary Clinton has been giving her concession speech, which had been postponed.

She said she hoped Donald Trump would be a successful president "for all Americans", and that she wanted to work with him.

She also said she was proud and grateful for having had the opportunity to run. 

Moody's weighs pros and cons of Trump win

Mr Trump
Getty Images

Credit rating Moody's has been weighing the pros and cons of a Trump presidency for US business.

It says Mr Trump's protectionist trade policies could hurt industries such as oil and gas, technology and automotive - but may also be positive for industries facing "severe import competition", such as steel and manufacturing.

On banking, it says Mr Trump's plan to suspend all new regulation and eliminate the Dodd-Frank Act - established in 2010 to bolster the US financial system - could boost lenders' earnings in the short term.

But it says this reduced oversight could weaken "banks' capital and liquidity positions" and would be credit negative.

Finally, it says Mr Trump's tougher immigration rules would "reduce the applicant pool for companies in sectors including technology, automotive and aerospace and raise employment costs". But his proposed cuts to corporate taxes would broadly benefit the business world. 

Trump advisor: 'Trade deals must be renegotiated'

Dan DiMicco
BBC

In October, BBC economics editor interviewed Dan DiMicco, Donald Trump's trade advisor.

At the time, Mr DiMicco said many people in the US are angry:

"Folks that have gamed the system benefit from it, and the average citizen doesn't. They may get bought off with cheap underwear, but they've lost the ability to have a good paying job, that can provide for themselves, their family.

"Trade deals are going to be walked away from if they can't be renegotiated to the point where they are a net positive for our GDP, and a positive for good paying job growth."

To recap...

Trump victory speech
Reuters

In case you missed it, Donald Trump has defied polls to seize the White House, steamrollering his Democrat rival Hillary Clinton. 

The impact on markets has been more muted than expected, with US indexes opening broadly flat and European stocks turning positive after a bumpy start. 

Asian markets closed down, however, as fears over Mr Trump's anti-globalist foreign policy took hold.

We've been looking in more detail at what Mr Trump's victory could mean for business:  

What will Trump mean for climate change?

Factory
Getty Images

The historic Paris climate change agreement was signed last December, but Donald trump has suggested he might reverse it. 

Professor Bob Lowe, director of the UCL Energy Institute, said: “The surge of optimism that gathered in the run-up to the Paris [agreement] was in no small measure due to the fact that Barack Obama and his Chinese counterpart, Xi Jinping, were able to pledge to reduce greenhouse gas emissions and to jointly sign the Paris Agreement. This compact between the world’s two biggest economies was a major factor in the... subsequent ratification of the Paris Agreement."

He adds: “One possible outcome of a Trump presidency may be that the US reneges on this undertaking. If this were to happen, there has to be a large question mark over whether the world will be able to deliver on its global temperature targets.

“The situation will not begin to clarify until well into next year. All that can be said now is that we have entered a period of significant uncertainty. We have already had decades of delay since the Rio Earth Summit of 1992 – the one thing the world cannot afford with respect to climate change is further delay.”

FTSE 100 turns positive

FTSE 100
BBC

The FTSE 100 index has rebounded, trading 0.74% higher at 6894.03 points.

Leading the index are miner Fresnillo, up 12.06%, construction equipment business Ashtead Group, up 11.59%, and pharma business Shire, up 9%.

The biggest fallers are Sainsbury's, down 5.52%, and information provider Experian, down 3%.

Laith Khalaf, senior analyst at Hargreaves Lansdown, said: "The US election result has put some wind in the sales of mining companies and the pharmaceutical sector, and gold has also done quite nicely out of a Trump victory.

"However the market is not utterly dominated by election fever... Indeed, Sainsbury's is bringing up the rear of the Footsie, thanks to the company posting a poor set of results, rather than anything to do with the next resident of the White House."

Globalisation has 'left many behind', says Centrica boss

John Moylan

BBC industry & employment correspondent

Iain Conn
PA

Iain Conn is chief executive of Centrica, which owns British Gas and also operates in the US. He said: “What is clear from this vote, and similarly the Brexit vote last June, is that while globalisation may have been on average good for the world, it has also left many people behind.

"We have to listen to this, and business, government and civil society will need to map a path forward together.

"The subject of social inequality is one shared by the UK and the US, and perhaps should be part of the agenda for the special relationship between our two countries.”

Wall Street winners and losers

Some US companies have posted big gains on Wall Street, while others have slumped. 

Ariad Pharmaceuticals was up 19.5% as fears over a Clinton crackdown on big pharma disappeared. 

United States Steel was up 18% -  a likely reflection of Trump promises to boost spending on US infrastructure. 

But healthcare providers Tenet, Centene and HCA slumped 24%, 16% and 13% respectively, while solar power business SunPower dropped almost 18%.

'Negative' policies

Ratings agency Fitch says Donald Trump's policies would be negative for US public finances in the medium term.

However, it adds that his win does not have short-term implications for the US AAA/Stable sovereign rating.

Trumpsides

Economics editor Kamal Ahmed tweets:

View more on twitter

BreakingWall Street shakes off Trump win

Trader
Getty Images

US stocks have opened down, but the damage is not as bad as some expected.   

The S&P 500 is down 0.4% at 2,129 points, the Nasdaq is down 0.7% at 5,156, and the Dow Jones is 0.1% lower at 18,312.

Analysts had said earlier that the Dow and the S&P 500 would open about 1.5% lower, with the Nasdaq off by 1.9%.  

'America's Brexit'

BBC News Channel

Aberdeen Asset Management boss Martin Gilbert tells Aaron Heslehurst that the Trump win is the US equivalent of Brexit.  

Martin Gilbert says the Trump win is the US equivalent of Brexit

The view from Beijing

Rob Young

Business presenter in Beijing

Clinton supporters at a cafe in Beijing
Getty Images
Clinton supporters watch the results at a cafe in Beijing

There's shock among many Chinese at the election of Donald Trump. During the campaign, the president-elect threatened to label China a "currency manipulator" early on in his presidency, talked of imposing trade tariffs of 45% and said America's trade deficit with China was akin to economic "rape". 

Business leaders in Beijing hope all of this was nothing more than campaign rhetoric, the cut and thrust of the western democratic process. One Beijing-based expert on US-China relations said "the politics on trade have changed big time". He cautioned the risks of a trade war between the world's two biggest economies has heightened. 

If the US imposes trade restrictions on China, it may well retaliate. That would create even more uncertainty for the global economy. But it is not difficult here to find people who are pleased at Trump's victory. 

Several Chinese I've spoken to said they like strong leaders and regard Trump as such a person. One economist told me China can do deals with Donald Trump. He said a businessman is someone who is not bound by ideology, and China can work with a pragmatist. 

China's leadership may also be pleased by Donald Trump's dislike of certain free trade deals. If the US Trans-Pacific Partnership, which excludes China, is dead, that paves the way for Beijing to do its own deal with Asian nations.

Tech titans react to Trump win

Tech heavyweights from across the US have been reacting to Donald Trump's victory - and some are happier than others.   

Trump backer and Paypal co-founder Peter Thiel said: “Congratulations to President-elect Donald Trump. He has an awesomely difficult task, since it is long past time for us to face up to our country’s problems. We’re going to need all hands on deck.”

But Hyperloop One co-founder Shervin Pisheva called for an independent California - which backed the Democrat candidate Hillary Clinton as is the norm.

View more on twitter

AOL co-founder Steve Case said he was disappointed at the outcome, but the result should be accepted: "I am surprised & disappointed. But now that the people have spoken, we should accept the result & work together to move the country forward," he tweets.

And Adam Singer, analytics advocate at Google, tweets:

View more on twitter

'Many feel trade isn't working for them'

Roberto Azevedo, director-general of the World Trade Organisation, tweets on Trump win...

Congratulations to President-elect @realDonaldTrump on his victory. The WTO stands ready to work with the new administration

Ready to support the administration to ensure trade is a positive element in a new strategy for development & job creation

US leadership in the global economy and the multilateral trading system remains vital

It's clear many feel trade isn't working for them. We must address this & ensure trade delivers the widest benefit to the most people

Trump trade uncertainty

Tom Espiner

Business reporter

An employee of a foreign exchange trading company
Getty Images

A Republican full house in the US - the presidency, as well as control of both the House of Representatives and the Senate - should have markets jumping for joy.

So why have markets around the world headed south?

Mattias Bruer of Nordic bank SEB has this explanation: "While a Trump presidency means more uncertainty in many different ways, the main market concern is probably about Trump’s trade policies. In particular, the Republican has suggested that huge import tariffs on China and Mexico will be imposed ... the risk of a trade war is elevated with adverse global growth effects."

Does Trump equal slump?

Dominic O'Connell

Business Presenter, BBC Radio 4 Today programme

Some more thoughts from Dominic on Trump victory:

The other immediate focus will be trade. Megan Greene, an economist at the Canadian asset manager Manulife, says Trump’s bellicose plans, with threats of immediate tariffs on Chinese goods and a crackdown on Mexican imports, will trigger a US recession. 

A recession In the world’s biggest economy with world trade already faltering could tip the global economy over the edge. Trump, in the end, might mean slump.

Traders Trumped

Dougal Shaw takes a look at how the global financial markets reacted to Donald Trump's win.

Trump win: How markets reacted

More inclusion from Trump?

As much as this election result is a vote for Trump, in my view, it is also a vote against the political establishment from a large part of society that is angry that policy has done little to help it since the global financial crisis. It is likely that there will be policy changes now and, although it is difficult to have immediate clarity on what these will be, we should expect a more inclusive domestic growth agenda will emerge.

Neil WoodfordWoodford Investment Management

Defence and drug makers boost FTSE

Ben Ritchie
BBC

Investors are finding that some of the big stocks on the FTSE 100 could benefit from a Trump presidency, according to Ben Ritchie of Aberdeen Asset Management.

"What you're seeing today is defence companies, like Rolls-Royce, and healthcare companies, which had been threatened by some of Hillary Clinton's policies, actually recovering quite strongly," he tells the BBC. 

Pharmaceutical companies such as Astra Zeneca and GlaxoSmithKline are "very big parts of the FTSE", helping to explain why it has regained ground, Mr Ritchie adds.

Meanwhile, weapons maker BAE Systems is up almost 5% to a record high of 575p.

Wall Street 'won't crash'

Predictions of where Wall Street will open have come back further compared with the fairly apocalyptic predictions earlier today.

Both the Dow and the S&P 500 are expected to down about 1.5% lower, with the Nasdaq off 1.9%.

This side of the pond the FTSE 100 is down about 0.2% at 6,830 points. 

Aberdeen paper hails Trump win

The Press and Journal covers the north-east of Scotland, which includes the Trump International Golf Links.

View more on twitter