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10 things you need to know before European markets open

Nov 9, 2016, 12:21 IST

People cheer as voting results for Iowa come in at Republican presidential nominee Donald Trump’s election night event at the New York Hilton Midtown on November 8, 2016 in New York City.Chip Somodevilla/Getty Images

Good morning! Here's what you need to know.

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Trump is on the brink. He won Florida and Ohio. The popular vote stands at 24,596,386 votes for Trump (48.9%), 23,497,293 for Clinton (47.%), at the time of writing.

Markets are crashing. Dow futures were down by 753 points - about 4.13%- and Japan's Nikkei was down around 6%.

Gold is soaring. The metal was up by 3.8% at $49.50 an ounce as of 11:42 p.m. ET at $1,324 an ounce.

European markets are looking ugly. Futures on both of Europe's biggest stock bourses, Britain's FTSE 100 and Germany's DAX 30, are down around 4% just after 6.10 a.m. GMT (1.10 a.m. ET) around two hours before trading formally begins in Europe.

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The Mexican peso crashed to a record low. As polling data from the US presidential election crossed the wires, the currency was down by about 13.0% at 20.6879 per dollar around 11:50 p.m. ET, around lows for the day.

Markets aren't always rational. A Chinese company whose name sounds like "Trump wins big" saw its stock surge Wednesday as the Republican candidate's odds improved in the US presidential poll.

The Republican party held the Senate. Republicans maintained control of the Senate on Election Day. Sen. Pat Toomey of Pennsylvania was the deciding race, as he defeated Democratic challenger Katie McGinty.

Canada's immigration website crashed. The Government of Canada's immigration website crashed on Tuesday night as the US election results were rolling in.

The chaos won't stop anytime soon. Investors should brace for a further slump in global stock markets, the U.S. dollar and most commodities if Republican candidate Donald Trump becomes the next U.S. president, as appeared increasingly likely on Wednesday.

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India withdrew notes. The country's sudden withdrawal of 500 and 1,000 rupee notes from circulation, in a bid to flush out money hidden from the tax man, caused chaos on Wednesday as gas stations and other retailers refused to accept the larger bills, and bank ATMs stayed closed.

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