Donald Trump’s victory in the United States elections leaves very different effects on the stock markets. Wall Street opened the day with some of its indices shooting above 3%; a large part of the markets in Europe have received the news with contained enthusiasm in the early hours of the day but then they have turned red; and the Ibex 35 has taken the brunt of it with its biggest drop since March 2023.
In the first moments of the opening in the american marketthe Dow Jones soared 3.18%, the technology Nasdaq rose 1.81% and the expanded S&P 500 index 1.94%. Financial entities are the ones that are benefiting the most in that country with profits greater than 11%, as is the case of Wells Fargo. Technology companies such as Nvidia also register increases of more than 2%, and others such as Apple or Amazon move above 0.6%.
In Europe the panorama is very different in relation to the electoral result, and in this case it is greatly influenced by the strength of the dollar, the doubts that are now generated in the relationship with countries like Mexico and the risk that Trump could unleash a trade war. The French, German, Italian and British stock markets opened with notable increases in the early hours of the day but in the afternoon they turned around until they went negative; The Milan trading floor, among this group of four, takes the worst part with a decrease of 1.8%.
Spain is a separate case. Since the opening it has been in the red but with the passing of the hours the problem for the markets of our country has become more accentuated, until it fell by around 3% around 4:00 p.m.; A figure like this has not been seen since March 2023, when the turbulence in American banking occurred. Some securities of the Ibex 35.
BBVA, Banco Sabadell, Acciona and Acciona Energía take the worst part, for different reasons. In the first case, due to the possible deterioration of relations between the United States and Mexico; in the second, due to Trump’s rejection of renewable energies. All of them have plummeted by more than 7%. Banks and energy companies, thus, are the most affected in the hangover after Donald Trump’s victory. And not only the four mentioned but others such as Solaria, Banco Santander, Caixabank, Iberdrola, Endesa, Naturgy… have also been greatly burdened on the trading floor.
This being the case, analysts point to what the markets are already picking up in the United States. “The election result supports US financial assets, especially stocks and the dollar,” Lombard Odier indicates. «US financial assets, especially stocks and the dollar, are expected to benefit in the expectation that the Trump administration will reduce taxes and relax corporate regulation, although some of this optimism was already discounted before the elections. Global stocks should also benefit, with sectors such as technology, banking and defense standing out amid higher military spending and lower regulation. The energy sector could face surprises: if the increase in oil production in the US depresses global prices, the traditional energy sector could be affected,” the entity adds.
In the case of the dollar, it appreciated 2% against the euro as a result of Donald Trump’s victory. For its part, the Mexican peso has depreciated more than 3% against the US currency after the election result was announced, thus showing the risk it poses to the economy and politics of the Aztec country. Despite everything, Mexico has called for calm after this first impact.
«US stock futures are reacting positively, while skepticism seems to prevail in Europe. The US dollar appears to be strong and bitcoin is also rising, but not as much as one might have expected. The reaction of gold for now is quite unspectacular,” they maintain from DWS, while delving into the fact that the markets do not like nervousness and there are still unknowns to clear up: “Certain issues remain uncertain, such as Trump’s tariff plans and what will happen to corporate taxes, especially while the House results are in balance. Another important factor remains the movement in Treasury yields, which at a certain level could well cause disruption on Wall Street.
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