The news that Donald Trump won the United States election comes as a great surprise to many. Business world included. As a result, global markets has been plunged into disarray as the reality is starting to sink in.
Independent UK is predicting that Wall Street will suffer its biggest ever plunge as economic experts predict that the effect of the Trump victory would have more far-reaching consequences than the Britain’s decision to leave the European Union.
The effect does not stay within the US as global markets have started reacting sharply to the news. Britain’s FTSE 100 Index is expected to dip by 4%, the highest since the Brexit vote, while shares prices in Asia, Australia and India gave up all their gains with money flowing into safe haven stocks, gold and currencies overnight.
Predictions are that the worst is still yet to come as many experts predict that worse performances are in store. “It’s looking like it’s President Trump. This is a complete and utter shock to investors around the world and we will see European stocks sharply lower when trading opens in a few hours.” Independent says.
For Nigeria, the probable effects as discussed in another article include continued stunted trade flow between both countries. Capital flow are not expected to be significantly altered as the underlying drivers are not very politically elastic while tightened immigration rules, if applied, is not expected to impact too much or too soon on the Nigerian economy.
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