Trump's conciliatory speech helps soothe market concerns

11:30 am JST							Asian stocks nervous as US election results trickle in		                      SHOTARO TANI Nikkei staff writer

Stock index futures came well off session lows after Hillary Clinton conceded the presidential election to Donald Trump.

"Kathleen Brooks, research director at Forex.com, said that Trump "definitely sounded more presidential than he has done at any stage during the election campaign" during his victory speech, in which he praised Clinton", the Associated Press reported. In the last two days the markets had functioned and positioned themselves in such way that it was probably just time which was keeping Clinton away from her presumed victory.

"I think this could be the second strike of populism if Trump wins and I think that it's probably a bigger surprise for worldwide markets than it for the USA", said Jack Ablin, CIO at BMO Private Bank.

After sharp declines in US stock futures overnight, equity investor panic eased but bond investors pushed up Treasury yields as they anxious Trump's policies would ultimately weaken the dollar and hike inflation. Indian Markets are down by 1.2%. The Dow's earlier level would also challenge the record one-day plunge of 777.68 points back on September 29, 2008, during the financial crisis. The investors are moving their assets in the form of gold which has demonstrated a sharp increase of 3.1% and now stands at $1314.

The Mexican peso was down about 8.5 per cent against the dollar after plunging to a record low amid concerns about a Trump presidency.

Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor, said there were "significant" worries over Trump's policies.

The dollar had been down more than 1%, hit by increasing expectations that a Trump win will keep the Federal Reserve from hiking interest rates in December.

President Enrique Pena Nieto sent a series of messages from his official Twitter account Wednesday morning, congratulating not Trump himself but the American electorate, and said he was ready to work with Trump to advance the countries' relationship.

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Not only would U.S. -Mexico trade be affected under a Trump presidency, but if his rhetoric holds regarding deporting the millions of undocumented workers in the U.S., that could also have a negative impact to Mexico's economy.

Trump has promised to redo trade agreements and slap tariffs on cars manufactured in Mexico.

The banking sector was up more than 2.8 percent, the firm's website said.

Earlier in Asia, Tokyo stocks collapsed 5.4 percent and Hong fell 2.2 percent.

"We will take necessary steps if speculative actions continue", Asakawa said.

Investors also recalled that the market's dramatic decline after Britain voted in June to leave the European Union was short-lived and was ultimately seen as a buying opportunity.

The price of gold, seen as a safe place for investors' money in times of uncertainty, was up 3.1 per cent, at $1,314.40 an ounce. Treasury yields rose 9 basis points to six-month highs at 1.954%, although fell initially in the election-outcome wake. Benchmark U.S. crude futures lost 53 cents to $44.44 a barrel in electronic trading on the New York Mercantile Exchange. Benchmark U.S. crude was down 18 cents at $44.80 a barrel in NY. Brent crude, used to price global oils, slid 29 cents to $45.75 a barrel in London.

Trump has threatened to renegotiate the North American Free Trade Agreement and vows to build a wall along the United States' southern border and force Mexico to pay for it.