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Global government bond yields tumbled Wednesday after the United States Republican candidate Donald Trump pinned his victory against Democrat opponent Hillary Clinton in the 2016 presidential election. Also, Republicans retained control over the Senate and the House of Representatives.
Following this news, the global bonds prices surged as investors sought safe-haven assets. The U.S 10-year bond yield fell 6 basis points to 1.80 percent, the Australian 10-year Treasury note yield dipped 10-1/2 basis points to 2.256 percent, the German 10-year yield slid 9 basis points to 0.097 percent and the Japanese 10-year note yield inched 2 basis points lower to -0.08 percent.
Market is in panic as Trump's anti-trade stance would jeopardise trade with China and other emerging market economies. His anti-immigration policies could also create labour shortages in the U.S. economy. Business confidence would take a hit and new downside risks to the economy are likely to reduce the probability of a December rate hike by the Federal Reserve.
Trump’s victory is the latest political shock to financial markets, following the U.K.’s June vote to leave the European Union. Also, Trump, who compared his candidacy to the Brexit vote, has criticized Yellen, saying she kept rates too low during Obama’s tenure, and suggested that if he won he’d probably nominate someone else to lead once her term expires in 2018, reported Bloomberg.
Moreover, energy prices tumbled following the U.S. election result. The International benchmark Brent futures fell 1.28 percent to $45.45 and West Texas Intermediate (WTI) tumbled 1.33 percent to $44.38 by 07:40 GMT.
Meanwhile, the benchmark Nikkei 225 closed down 5.36 percent at 16,251.54 and the broader Topix index closed 4.57 percent lower to 1,301.16 points. China's blue-chip CSI300 index fell 0.25 percent to 3,362.65 points at the end of the morning session and the Shanghai Composite Index tumbled 0.36 percent to 3,136.58 points.
Also, New Zealand’s benchmark S&P/NZX50 Index closed down 230.15 points to 6,664.21 and benchmark Australia's S&P/ASX 200 index traded 1.61 percent lower at 5,189.
