FTSE 100 sees £37bn plunge as Trump win sparks market turmoil

Markets have been plunged into turmoil after Donald Trump's US election win.

The FTSE 100 had a rollercoaster ride as it opened 145 points, or 2% lower, wiping £37bn off the value of top UK-listed companies.

But it quickly recovered most of the losses and by later in the morning was little changed on the previous session.

Mr Trump's acceptance speech eschewed some of the more confrontational rhetoric deployed during the campaign.

Instead he put the emphasis on reuniting a divided America, putting millions back into work through large scale infrastructure projects, and dealing fairly with other countries.

:: Why Donald Trump's US election win has shaken global markets

Futures trading ahead of the London opening had been pointing to steep losses.

Asian markets sank overnight with Japan's Nikkei 5% lower and Hong Kong's Hang Seng off by 2%.

In Europe, Germany's Dax and France's Cac 40 fell about 2% intially, though later pared back losses to stand less than 1% down.

The US dollar saw large losses overnight against a basket of currencies before recovering.

Sterling was up by a cent against the US dollar overnight at $1.25 though it later slipped back to under $1.24.

The Mexican peso plummeted by as much as 13% to a record low.

Overnight, investments seen as safe havens such as government bonds and gold, as well as the Japanese yen and Swiss franc, turned higher as the tide moved in Mr Trump's favour, against initial expectations.

The biggest riser in London Mexican gold and silver miner Fresnillo (Other OTC: FNLPF - news) , benefiting from a rise in precious metal prices as well as the fall in the peso.

Drugs companies - which had been threatened with action by Hillary Clinton over steep price rises - were also doing well.

Dominic Rossi, global chief investment office for equities at Fidelity International, said the result meant "heading into a world of unprecedented political risk".

"It's unsurprising investors are heading for cover but it is important to remember this is not the time for knee jerk reactions.

"The immediate sense of bewilderment at the shift rightwards in American politics will need to give way to a more sober risk assessment."

Chris Beauchamp, chief market analyst at IG (LSE: IGG.L - news) , said: "Having panicked overnight, markets have picked themselves up and dusted themselves down, with the FTSE 100 marginally higher in mid-morning trading."

In Tokyo, the Japanese government and central bank were preparing to meet for crisis talks.

Markets had been expecting a victory for Hillary Clinton and many investors fear a Trump White House would up-end the global political order.

Stocks have seen a rollercoaster ride over the last week with sharp falls as Mrs Clinton came under pressure over an FBI investigation followed by rallies when the ending of the probe had appeared to tip the scales in her favour.

Election day saw tentative gains as investors waited anxiously on the result but as voting projections swung in Mr Trump's favour trading turned volatile.

Investors fear the Republican's protectionist stance will lead into a trade confrontation with China while he is also expected to renegotiate the long-standing NAFTA free trade agreement with Mexico and Canada.

:: Watch every twist and turn of the US election results live on Sky News.

Donald Trump wins: US election results in full

Market mayhem as Donald Trump wins White House

Inequality, globalisation and why Donald Trump won

Donald Trump: US President number 45 stand up

So what does Donald Trump mean for Brexit?

Melania Trump: From model to US First Lady

Donald Trump's understudy: Who is Vice President-elect Mike Pence?

:: How Trump Won The White House - a Sky News documentary at 9.30pm