(CNNMoney) – Investors around the world are reacting with shock to Donald Trump’s victory in the US presidential election.
Global stock markets are dropping, Mexico’s currency has tanked, and US stocks are poised for a very rough open.
Dow futures were down about 300 points early Wednesday morning, or about 1.5%. At their low point on Tuesday night, Dow futures were down more than 800 points.
Stock indexes across Asia were also deep in the red. Japan’s Nikkei plummeted 5.4% and the Hang Seng in Hong Kong fell by 2%.
In Thailand the Stock Exchange of Thailand main index closed down 0.03% or 0.41 points to reach 1,509.43 with trading value being 93.328 billion baht. SET50 Index also dipped 0.14% or 1.32 points to reach 944.07 with trading value being 60.437 billion baht. However the Mai Index edged up by 0.45% or 2.67 points to reach 595.51 with trading value being 3.994 billion baht.
Markets hate uncertainty, and many investors believe Trump’s unpredictable nature and anti-trade stance could bring global turmoil.
“Shock and awe would aptly describe movements of global markets right now,” said Matt Simpson, a senior markets analyst at ThinkMarkets.
Stock futures began tumbling after 9 p.m. ET as it became clear that Hillary Clinton’s chances of winning crucial states such as Florida, North Carolina and Ohio were in serious doubt. She would later lose all three to Trump.
“It is looking like another Brexit-type surprise,” said Ryan Detrick, senior market strategist at LPL Financial.
By comparison, the Dow fell 610 points, or 3.4% on June 24 after Britain’s shocking vote to leave the European Union.
UK markets tanked after Brexit. The FTSE 100, the main stock market in London, dropped 3.2% the day after the vote. The British pound had one of its biggest one-day declines on record, falling 9% to $1.33, then the lowest it had been since 1985.
The UK market has rebounded since then, partially because the weak pound helped support the economy.
The US dollar hasn’t been hit as hard as the pound was — it dropped sharply but then recovered most of its losses on Wednesday morning.
While Wall Street is on track for post-election losses, they are not nearly as bad on a percentage basis as those experienced during the 2008 financial crisis when several plunges of greater than 6% occurred.
Wall Street appears to have been caught leaning in the wrong direction before the vote. The Dow raced nearly 400 points on Monday as investors bet that Clinton’s chances of winning improved after the FBI cleared her in the email investigation.
Looking south of the border, the Mexican peso has plunged about 7%, though earlier in the night it had crashed by more than 11% to an all-time low. The currency is on track for its worst day since 1994.
Investors are turning to assets that are seen as safer bets in times of uncertainty. For example, gold is surging 2.5% and the Japanese yen is climbing against all other major currencies.
Crude oil also took a big hit as cash flees risky assets. Oil prices were down nearly 4% to trade around $44 a barrel.
Top: Donald Trump at a rally in Raleigh, North Carolina, on November 7. Photo: CNN
Inset: First Lady Michelle Obama hugs Hillary Clinton at a rally in Winston-Salem, North Carolina, on October 27. Photo: CNN
By CNNMoney’s Jethro Mullen and Matt Egan with Alanna Petroff contributingto this report.