But there is one sector in Europe that looks like it could be in for a pretty hefty boost from a Trump presidency - the pharmaceuticals industry.
Earlier, both the US futures markets, and Asian assets tumbled on news that Trump was pulling away from Clinton. Then, when European markets opened, stocks across the board tumbled, with major bourses falling as much as 3.5%.
However, on Wednesday, pharmaceutical stocks are jumping, with FTSE 100-listed Hikma Pharmaceuticals up almost 6% as of 9.50 a.m. GMT (4.50 a.m. ET). Here's how it looks:
Investing.com
Other pharmaceuticals companies are also charging, with Swiss listed giants Roche and Novartis both up by more than 4%, while British GlaxoSmithKline is around 1.8% higher.
Markets think that a Trump presidency could bring to an end the potential for "draconian" new pricing rules on drugs in the wake of scandals over prices. The issue was first sparked by drug company Retrophin's "pharma bro" CEO Martin Shkreli when he announced that he was increasing the price of an antiparasitic drug from $13.50 to $750 per pill. Price hikes for the anti-anaphylaxis medicine EpiPen then fuelled more outrage.
However, under a Trump presidency the likelihood of new legislation controlling the pricing of drugs and healthcare services is severely decreased.
In the bank's weekly European Equity Strategy note, circulated to clients earlier this week, Deutsche Bank analysts led by Tom Pearce argue that: "European healthcare would likely outperform under a Trump win, given it has moved inversely to the probability of a Clinton victory over the past couple of months and has historically done well in periods of rising macro uncertainty and dollar strength."
US-based investment bank Jefferies said on Wednesday morning: "Sentiment towards the Healthcare sector ought to swing initially away from draconian fears over drug pricing."
Barclays equity strategists included four pharma and healthcare companies in their list of the 10 European companies most likely to benefit from a Trump victory. You can see their chart below:
Barclays
On the flipside, RBC Capital Markets writes: "If the Senate does become majority Democrat, the key question is what Senator Bernie Sanders's plans are, as he has spoken out about egregious price increases and could seek the Chairman position of the HELP Committee (Health, Education, Labor & Pensions). This particular scenario would cause a negative headwind for biotech stocks in the short to medium term, in our view."
The house did not turn Democrat, and in fact remained strongly Republican, therefore further suggesting a boost for the healthcare sector, particularly in Europe where many big firms are based.