Donald Trump's surprise victory over Hillary Clinton in the race to become the 45th president of the US has provoked from the financial services sector a mixture of optimism, pessimism and, above all, uncertainty.
AJ Bell investment director Russ Mould described market movements that saw rises in the value of gold and the yen as "textbook reactions" to unexpected events. "In the very short term, stockmarkets look set to fall, given the uncertainty posed by an outsider candidate unexpectedly becoming America's Commander-in Chief," he added.
"Following on from the UK's referendum vote in June, this reinforces the presence of political risk that has been absent from developed markets for most of the last two decades."
Mould continued: "A drop in stocks and gains in 'safe-haven' assets such as the yen and gold are textbook knee-jerk reactions to unexpected events.
"Once they sit down and think more clearly about what a Trump presidency may mean, however, markets will need to consider long-term issues such as protectionism and inflation as potential dangers, and a pro-growth agenda as a potential benefit."
Despite market drops around the globe, Seneca Investment Managers CIO Peter Elston reacted more positively to the news. He suggested markets could quickly recover in response to Trump's accession - with the caveat the new president keep his promises to promote economic equality in the country.
"Economic growth tends to be inversely related to economic inequality," said Elston. "If President Trump can fulfil his promises to America's lower income groups then there might be a case for becoming more positive on America's - and thus the world's - longer-term growth prospects.
"This means that, while there will no doubt be a negative response from financial markets to Trump's victory in the short term, they could quickly recover. But this is far from certain - particularly since the Republican Party is traditionally the party that favours higher earners."
The fact Trump's policies are largely unknown only added to the uncertainty, said Elston, continuing: "What a Trump presidency will look like is hard to say, given that the campaigning focused so little on policies.
"Is Trump really as vindictive as many believe he is or will he turn out to be an effective dealmaker and unifier? He has certainly played a blinder of a hand, no doubt helped by widespread distrust and dislike of his opponent."
'Instability and insecurity'
Scottish Friendly savings expert Calum Bennie, however, suggested both political and economic uncertainty and Trump's protectionist policies could be destabilising for investors.
He explained: "His victory raises very serious questions about the direction of politics in established western economies. The rise of right-wing populism combined with a reaction against globalisation has now turned the tables and unleashed a wave of instability and insecurity that is likely to make the stockmarket a bit of a rollercoaster ride for the next few months.
"Trump boasts he will make America great again. In fact his protectionism is de-stabilising and, while there may be a short-term feel-good factor among those who voted for him, his policies seem more likely to make many Americans poorer overall.
"A combination of lower incomes and economic uncertainty is not good news for the US economy and, by extension, investors. As the old adage goes, when America sneezes the world gets a cold and investors need to keep their nerve while volatility plays out and a new 'normal' starts to emerge."
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