European stocks slump as global investors react to Trump win; autos drop 3%
European stocks reversed earlier gains Wednesday afternoon as investors disgested Donald Trump’s defeat of his Democrat rival Kamala Harris in the U.S. presidential election.
The pan-European Stoxx 600 was down 0.53% at 3:20 p.m. London time, with regional bourses and sectors slipping into the red. Financial services stocks added 1.98% while autos led losses, shedding 3.05%.
U.S. stocks jumped at the open as Wall Street rejoiced the speedy conclusion of the presidential election.
Trump will return to the White House for another four years with his running mate, Sen. JD Vance of Ohio. Global markets were tuned in to the results emerging from key battleground states Wednesday morning.
Republicans are expected to regain their majority control of the U.S. Senate in 2025, according to NBC News. They’re set to have at least 51 seats out of 100 in the Senate in January, when members of Congress are sworn in.
Source: CNBC