Closed Trump is US president-elect: Markets rebound, US urban protests

Republican Presidential Nominee Donald Trump Holds Election Night Event In New York City

Donald Trump became US president-elect after winning one of the most divisive elections in US history, and US markets responded positively after the stunning result had initially hit markets in Europe and Asia, while peaceful protests were sparked in urban centres around America

Key points

  • Republican Donald Trump surged past the required 270 votes needed to win. Read our coverage of how it happened here.

  • Trump: “Now it’s time for America to bind the wounds of division.”

  • US stock market forges ahead and Asian markets bounce back on Day 2 after an initial sharp sell-off

  • The yield on the 10-year Treasury note jumped by the most in more than three years

  • Mexican President Peña Nieto joins world leaders in taking a conciliatory tone

  • President Barack Obama promises a “smooth transition”

  • Hillary Clinton congratulates her rival and “offers to work with him”

Welcome back to our ongoing coverage of Donald Trump’s shock victory that will see the real estate mogul become the 45th US President when he moves into the White House at the end of January. We will be continuing our coverage throughout the day.

UK foreign secretary Boris Johnson has sent his congratulations via Twitter.

Scotland’s first minister Nicola Sturgeon has been less warm in her reaction.

Her full statement is here.

How different it might have been. As the final results continue to come in from Wisconsin, Michigan, Pennsylvania and New Hampshire, we are coming to one conclusion: This election was extremely close.

The combined margin of victory in these states for Mr Trump is just over 100,000 votes and that is why he will be the next president of the United States.

While it may not end up being reflected in the electoral college tally, here is a look at Mr Trump’s lead in the four states that proved pivotal to his victory:

Wisconsin (10 electoral votes):
Donald Trump: 1,404,376, 47.9%
Hillary Clinton: 1,377,588, 46.9%
Gary Johnson: 106,091, 3.6%
99% reporting

Michigan (16 electoral votes):
Donald Trump: 2,255,356, 47.6 per cent
Hillary Clinton: 2,239,745, 47.3%
Gary Johnson: 171,404, 3.6%
99% reporting

Pennsylvania (20 electoral votes):
Donald Trump: 2,911,986, 48.8%
Hillary Clinton: 2,844,084, 47.7%
Gary Johnson: 142,608, 2.4%
99% reporting

New Hampshire (4 electoral votes):
Donald Trump: 326,286, 47.5%
Hillary Clinton: 325,979, 47.4%
Gary Johnson: 28,659, 4.2%
93% reporting

Weakened voter turnout in the city of Milwaukee, Wisconsin is being cited for why Hillary Clinton, who did not visit the state since April, finds herself unexpectedly losing there.

The FT’s Rome bureau chief, James Politi, reports that Cardinal Pietro Parolin, the Vatican secretary of state and the equivalent of the Pope’s prime minister, said the Holy See “took note” of the “will of the American people” and offered prayers for the “Lord to enlighten” Donald Trump.

Read more on fastFT here.

Pope Francis has repeatedly cautioned voters against supporting Mr Trump. Last weekend, he did not mention the Republican candidate by name, but condemned fear tactics in political campaigning and said citizens were being “walled-up”.

Back in February, the Pope questioned Mr Trump’s Christianity, saying a “person who thinks only about building walls…and not of building bridges, is not Christian”.

Mr Trump identifies as a Presbyterian.

Angela Merkel, the German chancellor, has reacted to Trump’s victory, reports Guy Chazan, the FT’s Berlin bureau chief.

Angela Merkel said that Germany and the US “are linked by the values of democracy, freedom, and respect for human dignity. I offer a close partnership to the future US president on the basis of these values.”

She said the partnership with the US was an important component of German foreign policy. “Whoever the American people elects as its president in free and fair elections has significance beyond the US,” she said.

The German chancellor’s spokesman has Tweeted a video of Ms Merkel making her statement about Trump’s victory (in German):

The President-elect has sent his first tweet of the morning.

For those of you without Twitter, it reads: Such a beautiful and important evening! The forgotten man and woman will never be forgotten again. We will all come together as never before

Merkel issues subtle warning to Trump

Stefan Wagstyl, our chief Germany correspondent, has put a bit more context on Angela Merkel’s statement, which he says includes a subtle warning to the US president-elect:

Chancellor Angela Merkel congratulated Donald Trump on his election and offered him “close cooperation”, despite widespread concern in Berlin about the Republican’s victory.

However, reading a prepared statement commenting on the result, she subtly warned Mr Trump against ignoring the interests of other countries in his policymaking, saying he had a responsibility for the development of the whole world “Whoever rules his great country, with its huge economic strength, its military potential, its cultural power, carries a responsibility which can be felt almost everywhere in the world.”

She also pointedly listed the values on which future cooperation between Germany and the US should be based in terms which left no doubt that she was referring to some of illiberal attacks voiced during the US election campaign.

These were democracy, freedom, and respect for the law and for the value of people irrespective of their origins, skin colour, religion, gender, sexual orientation and political stance.

Ms Merkel said: “On this basis I offer the future president of the United States of America, Donald Trump, close cooperation.”

The Hispanic vote contributed to an important win for Hillary Clinton and Senate Democrats in Nevada, but it is cold comfort to those who worked to deliver the votes. The FT’s Gary Silverman reports from Las Vegas, where some residents are bitterly disappointed after losing on the national stage.

Maria Landeros is a hard worker. For 23 years, she has made beds, vacuumed carpets and cleaned toilets as a housekeeper at the MGM Grand Las Vegas. For the last three and half months, she has dedicated her energies to a political purpose — preventing Republican Donald Trump from becoming president of the US…

“I feel terrible,” said Ms Landeros, who estimated that she helped register hundreds of voters in the effort to stop Mr Trump. “I did everything I can do. I did my best. I gave 100 per cent. I gave everything I have.”

Read the full piece by Gary here.

Nationwide, some exit polls are suggesting that Mr Trump actually outperformed the previous Republican presidential nominee Mitt Romney in turning out Hispanic voters:

Sir Martin Sorrell, chief executive of WPP and frequent commentator on macroeconomics, has likened Donald Trump’s victory to “a second Brexit” saying he was “very surprised by the result”.

Via the FT’s media correspondent, David Bond, Sir Martin said:

It’s going to take a significant amount of time to assess the implications beyond the short term.

Increased levels of uncertainty will mean more hesitation to make important decisions in the short term, both by people and governments. But it may accelerate implementation of helpful reforms in the medium term to reduce uncertainty and stimulate investment as a result.

Clearly immigration, trade and terrorism were key issues that swayed electoral opinion in a very significant way, just as they did in the UK, and probably will in the European referenda and elections to come.

There will now be a lot of reassessment, including of polling techniques. Electorates at times like these clearly don’t like to be told how they’re going to vote, especially by the media and other elites.

On a lighter note, Sir Martin added that his wife, Cristiana Sorrell, gave birth to their first child yesterday: “A welcome to a rollercoaster world,” he said.

WPP is the world’s biggest advertising group. The company’s chairman, Philip Lader, was the US ambassador to the UK from 1997 to 2001, as an appointee of former President Bill Clinton.

A reminder to Trump from Nato’s top civilian leader

A further reminder of the disquiet felt in Europe to Trump’s victory and one of the reasons political risk is spooking the markets came a bit earlier when Jen’s Stoltenberg, Nato’s secretary-general, addressed the future occupant of the White House.

It is worth remembering that Mr Stoltenberg, a former Norwegian prime minister, strongly rebuked Trump in July after the presidential nominee told the New York Times the US could refuse to come to the aid of a Nato member in the event it is attacked if that member had not met its commitment to spending 2 per cent of GDP on defence. Most European members of Nato are below the 2 per cent threshold.

The principle of collective defence is enshrined in article 5 of the North Atlantic Treaty that founded Nato.

In “welcoming” the election of Mr Trump, this morning, Mr Stoltenberg told the president-elect:

Nato’s security guarantee is treaty commitment and all allies have a made solemn commitment to defend each other… this is something which is absolute and unconditioned.

He then pointedly reminded the Republican victor that the only time Nato had invoked article 5 in the alliance’s history was after the September 11 attacks on the US in 2001.

The Nato security guarantees are important for Europe but they are also important for the United States. A strong Nato is Important for Europe but it is also important for the US. We have to remember that the only time we invoked article 5 was in the attack on the US, after 9/11.

Hillary Clinton overtakes Donald Trump in US popular vote

With results continuing to pour in from the West Coast, including California, Hillary Clinton has now overtaken Donald Trump in the popular vote count.

The Democratic candidate has received 59,004,540 votes, while Mr Trump has received 58,891,715 votes*.

Many now believe Mrs Clinton will end up with more votes than Mr Trump, but that will be little consolation to her supporters. Mr Trump has already crossed the threshold of 270 electoral college votes needed to win the election

*Data is from the New York Times

Japanese prime minister Shinzo Abe has called Donald Trump a “very successful businessman with extraordinary talents”, the FT’s Wataru Suzuki reports.

Mr Trump claimed Japan was stealing jobs from US workers and threatened to shake up the Japanese-US military alliance during his campaign.

Read more on fastFT here.

Obama calls Trump

President Obama has called president-elect Donald Trump to congratulate him on his victory.

The White House said that the President called Mr Trump this morning. The White House spokesperson added the President “also called Secretary Clinton and expressed admiration for the strong campaign she waged throughout the country”.

A statement from the White House press secretary added:

“The President will make a statement on Wednesday at the White House to discuss the election results and what steps we can take as a country to come together after this hard-fought election season.”

“The President invited the President-elect to meet with him at the White House on Thursday, November 10th, to update him on the transition planning his team has been working on for nearly a year. Ensuring a smooth transition of power is one of the top priorities the President identified at the beginning of the year and a meeting with the President-elect is the next step.”

Senate races see “firsts” for female candidates

Hillary Clinton may have lost her chance to become the first female US president last night, but there were a series of “firsts” in Senate and Congressional races across the country.

Former Nevada attorney general Catherine Cortez Masto, a Democrat, won her contest in Nevada, becoming the first Latina elected to serve in the US Senate.

Meanwhile, in California, the attorney general of that state, Kamala Harris, won her Senate race, becoming the first black politician in history to represent California in the upper chamber. Ms Harris will succeed Democrat Barbara Boxer, who is retiring.

In Illinois, Democrat Tammy Duckworth, a military veteran who lost both of her legs in the Iraq War, was elected to the Senate, joining just a handful of disabled elected officials in Washington. The US Senate floor is not wheelchair accessible, while the House of Representatives has ramps thanks to lobbying by Rhode Island congressman Jim Langevin, who was paralyzed in a firearm accident as a teenager.

Read Donald Trump’s full victory speech

For readers just waking up on the East Coast, we have the full text of Donald Trump’s victory speech, in which he called for unity after a vitriolic campaign.

Now it’s time for America to bind the wounds of division; have to get together. To all Republicans and Democrats and independents across this nation, I say it is time for us to come together as one united people.

It’s time. I pledge to every citizen of our land that I will be president for all Americans, and this is so important to me.

For those who have chosen not to support me in the past, of which there were a few people … I’m reaching out to you for your guidance and your help so that we can work together and unify our great country.

Read the full text here.

Most popular loser?

Hillary Clinton is still ahead in the popular vote, with an estimated 91 per cent of all ballots counted, leading Donald Trump by 59,123,745 to 58,992,180. If she retains that lead Clinton will become only the fifth presidential candidate in history to win more votes nationally and still lose the race for the White House.

The only previous candidate in modern times to lose like that was fellow Democratic candidate Al Gore in 2000, who missed out to George W Bush by what is still the smallest losing margin in history.

For the three other “popular” losers you have to go back to the 19th century:

Grover Cleveland lost to Benjamin Harrison in 1888
Samuel Tilden lost to Rutherford Hayes in 1876
Andrew Jackson lost to John Quincy Adams in 1824

Italy…The Next Domino?

The FT’s Rome correspondent James Politi has sent over this dispatch on whether Matteo Renzi’s centre-left government in Italy be the next casualty of rising populism in western Democracies.

He writes:

Donald Trump’s surprise election to the US presidency has unexpectedly energised Mr Renzi’s opponents, just weeks before a December 4 referendum which could decide his political future.

On Wednesday, Beppe Grillo, the leader of the Five Star Movement, Matteo Salvini, the head of the Northern League, and members of Silvio Berlusconi’s Forza Italia party all rushed to embrace Mr Trump’s victory and describe it as a sign that Mr Renzi – who had enthusiastically supported Hillary Clinton – was out of touch with ordinary people.

The ‘yes’ vote to approve Mr Renzi’s reforms has been trailing in the polls in recent weeks, so the US election could mark a new setback to his chances of a comeback. “The Trump win does show that populism continues in 2016 and suggests a ‘no’ vote in the Italian referendum could be stronger than we assumed,” David Zahn, a fixed income strategist at Franklin Templeton, told Reuters.

Hillary Clinton to deliver remarks to staff and supporters in New York City at 9:30am EST (14:30pm UK Time)

“Forgotten” white voters propel Trump to victory

The FT’s Billy Ehrenberg-Shannon, John Burn-Murdoch and Joanna Kao have looked at voting patterns for white non-college educated votes in six key swing states:and they voted in droves for Donald Trump.

The FT’s Shawn Donnan and Patti Waldmeir have also written extensively on Mr Trump’s appeal to blue-collar white voters:

Tuesday’s scream of the angry white voter was heard loudest in rust belt states such as Ohio and Indiana and threw into play previous Democratic strongholds such as Michigan and Pennsylvania — neither of which had voted for a Republican presidential nominee since 1988.

Read their full take here.

Netanyahu congratulates Trump

Israeli prime minister Benjamin Netanyahu has congratulated Donald Trump, the FT’s John Reed reports from Jerusalem.

“President-elect Trump is a true friend of the State of Israel, and I look forward to working with him to advance security, stability and peace in our region,” Mr Netanyahu said.

He said that Israel and the US had an “ironclad bond” rooted in shared interests, and added: “I am confident that President-elect Trump and I will continue to strengthen the unique alliance between our two countries and bring it to ever greater heights.”

Trump enjoys some support among some Israelis who think Republican candidates favour their country’s interests, but others have expressed disquiet about the anti-Semitism of some of his followers and campaign messages.

Reed also reports that the office of Palestinian Authority president Mahmoud Abbas said on Wednesday that the Palestinian people would work with any US President:

“We will deal with any president elected by the American people on the principle of achieving permanent peace int he Middle East based on the two-state solution on the June 4, 1967 lines with east Jerusalem as its capital,” Nabil Abu Rudeineh, Mr Abbas’ spokesman, said in a statement carried by the Wafa news agency.

Saeb Erekat, the Palestinians’ chief negotiator, said that he hoped that the US administration “will change talk about the two-state solution to achieving this principle on the ground”, according to Wafa. The last round of US-sponsored peace talks between Israel and the Palestinians collapsed in 2014.

Environmental disaster

Donald Trump’s victory sent a deep chill through UN climate talks in the Moroccan city of Marrakesh on Wednesday as delegates absorbed the prospect of a US president who has called global warming a “hoax” concocted by China to weaken American manufacturers, reports Pilita Clark, the FT’s environment correspondent

“Trump’s election is a disaster,” said May Boeve, executive director of the campaign group, echoing the dismay of environmental activists around the world.

Mr Trump has vowed to “cancel” the Paris climate agreement that the two-week Marrakesh meeting is due to start implementing.

He also pledged to dismantle President Obama’s domestic regulations to curb emissions from coal-fired power plants within 100 days of taking office and use any US money earmarked for UN global warming programmes to fix American environmental problems instead.

“I respect you,” Donald Trump tells Hillary Clinton

Some inside baseball as we await Hillary Clinton’s concession speech to supporters in just over an hour. Gabriel Sherman, at New York Magazine, has spoken with Trump campaign manager Kellyanne Conway. Here’s how the final moments of the race went down:

Trump’s advisers arrived at the Hilton and waited for Fox News to call the election. Around 2:30 a.m., Conway’s cell phone rang. It was Huma Abedin calling on behalf of her boss, Hillary Clinton. She was ready to concede. “Hi Kellyanne, it’s Huma. Is Mr. Trump available?” Abedin said, according to Conway. Conway passed the phone. She recalled his end of the conversation: “He said, ‘You’re a smart tough lady and you ran a great campaign. Thank you for calling. I respect you.” Conway said they spoke for about a minute.

The full piece is here

FT readers respond to Trump victory

The FT’s Lilah Raptopoulos has compiled comments from FT readers from around the world this morning. Read the highlights here.

Some examples:

“So many similarities with Brexit. What was predicted to be a marginal win the other way (which is still a defeat in itself in many ways) turned out be a win for the protest vote. Millions don’t even know what they voted for, but they did it anyway. That’s how strong the disenfranchised feel. If that’s not a serious wake-up call I don’t know what is.” -Alan

“Democracy seems to be doing fine when the economy is doing fine. When the economy turns sour, the people also do. Brexit and Trump are the results of that. 2016 will be a historic year. Just as capitalism can be its own worst enemy, it seems democracy can also be its own worst enemy.” -Mr. Peeters

“I am at a loss as to how the election of a wealthy, white, Ivy-league educated property magnate to the office of US President represents a blow to established elites.” – Blep

NB: Readers can comment on this live blog on the right-hand side of their screen.

Mexico reacts to Trump victory

Mexico’s leading El Universal newspaper slammed the Trump victory in an editorial, reports the FT’s Mexico City correspondent Jude Webber.

“The US people yesterday chose the route of racism, hatred and intolerance,” El Universal said in an editorial.

“What began as a sui generis and caricaturesque candidacy will become a crude reality in two months’ time. Let’s hope the forecasts don’t come true.”

Elsewhere, Jude reports that in a surprise move, Mexican authorities held fire on a huge rate hike or market intervention to prop up the peso, as analysts had been expecting, after the peso collapsed overnight.

José Antonio Meade, finance minister, said Mexican authorities would be vigilant of how financial markets evolved and stood ready to take appropriate action. Mexico has central bank reserves of $175.1bn and a flexible IMF credit line of $86.2bn, he noted, giving it sufficient firepower.

He stressed Mexico was in “a position of strength to face this new environment” with fiscal robustness and no need to tap financial markets for the remainder of 2016 or 2017.

The central bank last raised rates, by 50 basis points to 4.75 per cent, on September 29. Neither the minister nor the governor took questions.The peso, after holding steady, was heading back above 20 pesos to the dollar again.

A reminder that the Republicans also secured an unexpected victory in the Congressional elections, where they retained control of both houses.

While the party’s hold on the House of Representatives was never in doubt, they had been projected to lose their grip on the upper chamber.

There were a total of 10 Democratic and 24 Republican Senate seats up for grabs in Tuesday’s balloting. Approximately a third of the Senate seats are up for election every two years, with each Senator serving a six-year term.

At 7am EST, the Senate tally stood at 51 Republicans and 45 Democrats, with two seats to be announced. The Senate also includes two independents, who both tend to vote with the Democrats.

Markets are springing back from severe early losses

US futures tipped a sell-off at the start of trading on Wednesday, although possibly not as severe as indicated a few hours earlier, Jessica Dye reports on fastFT.

As the sun came up in New York on Wednesday after Donald Trump claimed victory in the US presidential election, US stock futures were starting to rally slightly after a steep plunge overnight. Dow Jones futures pointed to a 1.7 per cent dip, to open 318 points down, while the S&P 500 was set to shed 39 points to start the day 1.8 per cent lower, and the Nasdaq 100 was poised to lose 102.75 points and start 2.1 per cent down.

Analysts have been largely predicting a rocky ride for markets after Mr Trump upset his rival Hillary Clinton, who had been seen as the candidate more likely to bring stability to the markets. Mr Trump is a seen as a largely unknown quantity to investors, and as his vision for the country starts to emerge, the sell-off could take a turn.

Read more here.

The dollar has also followed other markets, moving briefly into positive territory.

Tech shares fall as investors consider Trump tax repatriation plans

More than $1.2tn of US corporate earnings kept overseas by companies such as Microsoft, Apple and Google to avoid tax charges could be brought back to the country under plans by Donald Trump for a tax holiday of repatriated profits, report the FT’s Daniel Thomas and Vanessa Houlder.

Mr Trump has proposed cutting the tax rate to just 10 per cent on income held overseas to bring money back to the US for investment domestically as part of his wider ranging plans to reduce the corporate tax rate.

Under current law, companies bringing back foreign earnings to the US can trigger a tax liability of up to 39 per cent.

Mr Trump’s victory sent shares in a number of large tech companies falling this morning. Ahead of the bell, shares in Apple were down 2.3 per cent, Microsoft’s dropped 2.8 per cent and those for Alphabet, Google’s parent company, fell 2.2 per cent. Oracle shares were under pressure, down 2.9 per cent while Cisco’s declined 2.6 per cent.

Read more on fastFT here.

Corporate winners and losers

Although the initial market reaction has softened somewhat, investors have been picking the sectors are likely to benefit from a Trump presidency and those that are likely to take a hit.

Companies doing business in Mexico, heavily exposed to global trade, or reliant upon US regulation were judged the big losers. The winners are most notably in pharmaceuticals & biotech, oil & gas and defence sectors.

The FT’s Richard Milne has collated the views of our specialist reporters, you can read the full piece here.

Hillary Clinton speech delayed

Reuters is reporting that Hillary Clinton’s speech has been pushed back to 10:30AM EST. The former secretary of state had been scheduled to speak at 9:30AM EST.

Pope Francis reacts to the election result

The Pope has tweeted, in an apparent response to Donald Trump’s victory.

“May we make God’s merciful love ever more evident in our world through dialogue, mutual acceptance and fraternal cooperation,” Pope Francis wrote on his @Pontifex account.

The FT’s Rome bureau chief James Politi reported earlier that Cardinal Pietro Parolin, the Vatican secretary of state and the equivalent of the Pope’s prime minister, said the Holy See “took note” of the “will of the American people” and offered prayers for the “Lord to enlighten” Donald Trump.

Rouble gains in wider emerging markets slump

The Russian rouble is one of the very few beneficiaries among the key emerging market currencies today as investors respond to Donald Trump’s unexpected election victory, reports the FT’s Nicholas Megaw.

Like the dollar and most stock indices, most emerging markets currencies have sprung back after earlier losses, but the majority are still nursing losses for the day. The rouble, in contrast, is up 0.6 per cent against the dollar.

Read more on fastFT here.

Shares in Pfizer rose 10 per cent at the market open today, as investors predicted that Donald Trump would take a more lenient approach to drug pricing than his opponent, Hillary Clinton.

The FT’s Gonzalo Viña reported that investors had worried that a Democrat victory in the US would lead to attempts to control drug prices after Hillary Clinton said she would crack down on “outrageous price gouging” if elected. Her pledge wiped more than $160bn off the value of US biotech stocks in the space of a week last year.

Although Mr Trump has criticised high drug prices, and advocated scrutiny, he has not been as vociferous as Mrs Clinton or made any firm policy pledge.

Read more on the corporate winners and losers from Trump’s victory here.

Pfizer separately confirmed today that it planned to shut two ifs UK sites as part of an ongoing review of global operations and were not related to the UK vote to leave the EU.

Jeremy Corbyn: “A lot of people are angry…it’s a message we have got to heed”

The leader of the UK Labour Party, Jeremy Corbyn, has shared his thoughts in a video on Twitter. You can view it here

The FT’s John Murray Brown has caught one Scottish newspaper’s droll take on Donald Trump’s victory.

The Buchan Observer, a local newspaper in Peterhead, Scotland, reported the election result with the headline: Aberdeenshire business owner wins presidential election

Mr Trump owns two golf resorts in Scotland.

Nicola Sturgeon, Scotland’s first minister, congratulated Mr Trump on his victory this morning, despite backing Hillary Clinton in the run-up to the election.

Ms Sturgeon removed Mr Trump from a list of Scottish business ambassadors earlier this year after he suggested a ban on Muslims from entering the US.

Other gainers in early US trading include US Steel, whose shares are up 17 per cent, as investors bet on it benefiting from likely protection against cheap Chinese steel that has seen it lay off thousands of workers, as well as increased infrastructure spending under Trump. The US steel sector has lost more than 13,000 jobs since last year.

Two of the private prison operators also saw a sharp rally in expectation that the Obama’s administration plans to reform the sector will founder. Geo Group shares were up more than 18 per cent and Corrections Corp Of America shares soared 35 per cent.

The US cable news networks say that we are expecting Hillary Clinton to speak at any moment now…

While we’re waiting for Hillary Clinton, we have this from Peggy Hollinger, the FT’s industry editor, about how defence contractors are reacting to the Trump win:

Defence companies are keen to show their willingness to work with a Trump
presidency which promises to boost military spending and lift budget caps
that have paralysed current programmes.

However, Boeing, the US aerospace and defence group, issued a gentle reminder to Mr Trump that he would have to look beyond US borders if he was to succeed in his goal of spurring the domestic economy and creating jobs. “We look forward to working with the president elect and new Congress to make sure we continue to grow the global economy and protect our people,” the company said in a statement.

One defence industry executive concurred. “A strong global economy means a
strong American economy,” he said.

Other defence companies said they were hoping for an increase in military
spending, although it was likely to be as low as 3 per cent. Many said it
remained unclear how many of Mr Trump’s statements would actually translate
into policy.

“We knew more about Hillary Clinton’s advisory circle,” said another
industry exective. “There a degree of uncertainty because we know less
about that with Trump.”

Former US President George H.W. Bush has joined the world leaders congratulating Donald Trump on his victory.

“Barbara and I congratulate Donald Trump, wish him well as he guides America forward as our next President. His family is in our prayers,” he tweeted.

CNN later reported that former President Bush also called Mr Trump to congratulate him.

The senior Bush’s wife, Barbara, had sharply criticised the Republican candidate, saying in February: “I don’t know how women can vote for someone who said what he said about Megyn Kelly, it’s terrible.”

However, former President Bush appears to have abstained from voting in the presidential race. One of his aides told the Texas Tribune in May that he is “retired from politics”.

His son, former US President George W. Bush, and daughter-in-law, Laura Bush, are reported to have not voted for any candidate in the presidential race. Jeb Bush, who ran against Mr Trump in the Republican primaries, reportedly did the same.

Awaiting Hillary Clinton

Still waiting on the Democratic candidate. US cable channels have cameras glued on the stage where she is expected to speak.

Here’s Reuters video of her motorcade heading to the New Yorker Hotel where she will deliver remarks:

Struggling to understand how Donald Trump won? Read this piece by the FT’s Sam Fleming and Patti Waldmeir from Macomb County, Michigan in August:

Nelson Westrick says he won the middle class lottery when he clinched a job at one of the US’s big three automakers two decades ago, armed with a high school diploma.

Now the union member fears poor trade deals and manufacturing decline have pushed his lifestyle — a home in suburbia with two cars in the garage — beyond the reach of the next generation of blue-collar workers. The one-time Barack Obama supporter is turning to Donald Trump for answers.

“That American dream is leaving. It is leaving fast,” said Mr Westrick, 40, relaxing after his shift at Ford Motor Co near the small swimming pool in his backyard in a leafy street in Macomb County, Michigan. “We are doing all right but I have had the same job for 20 years. Younger guys coming up are not in the same boat. They are hurting.”

The results from Macomb County:

Compared to 2012

Paul Ryan, the speaker of the House of Representatives, has got in before Hillary Clinton and is now speaking

Mr Ryan, who was re-elected last night, had a difficult relationship with the president-elect after he refused to campaign or defend with Mr Trump.

He said he had spoken to Mr Trump twice in the last 18 hours and talked about “the work ahead of us and the importance of bringing our country together.”

He described Mr Trump’s victory as “the most incredible political feat I have seen in my lifetime.”

Mr Ryan continued:

Donald Trump heard a voice that no-one else heard. He turned politics on its head. And now, Donald Trump will lead a unified Republican government.

Our house majority is bigger than expected…and much of that is thanks to Donald Trump

We are now jumping back to New York, where Hillary Clinton is about to walk into the ballroom of the New Yorker hotel for her concession speech. At least that’s what most of the TV channels thought as music was pumped up in the room . . . we’re still waiting.

Important quotes from the Paul Ryan press conference:

“What Donald Trump just pulled off is an enormous political feat. He just earned a mandate.”

More on policy direction…

“This healthcare is not a popular law..It is collapsing under its own weight..With a unified Republican government we can fix this

Very hard for a woman to become US president, says Kaine

Senator Tim Kaine, Hillary Clinton’s running mate, is first up on the stage to introduce the losing presidential candidate:

He says:

I am proud of Hillary Clinton because she has been and is a great history maker in everything she has done, as a civil rights lawyer and first lady of Arkansas, and first lady of this country and Secretary of State.

A very emotional Mr Kaine, goes on to point out that she has won the popular vote of Americans in a country that has made it “very hard for a woman to become president.”

And here is a smiling Hillary Clinton, she thanks the cheering crowd and shouts: “I love you all.”

Last night I congratulated Donald Trump and offered to work with him on behalf of our country. I hope that he will be a successful president for all Americans. This is not the outcome that we wanted or worked so hard for and I am sorry that we did not win this election.

As Hillary Clinton gives her concession speech, her husband and former US president Bill Clinton is having trouble holding back the tears just behind her.

She tells the crowd:

You represent the best of America and being your candidate has been one of the greatest honours of my life.

I know how disappointed you feel because I feel it too.

It is about the country that we love…

We have seen that our nation is more deeply divided than we thought.

But I still believe in America and I always will.

She says about Mr Trump’s victory and the transfer of power to her Republican rival: “We don’t just respect that, we cherish it.”

While Hillary Clinton is making her concession speech in mid-town Manhattan and discussing the virtues of America and the importance of upholding its values, here’s a snapshot into what’s going on at the New York Stock Exchange in downtown Manhattan:

Hillary Clinton reassures the country that: “the American dream is big enough for everyone.”

She adds: “We need you to keep up these fights now and for the rest of your lives,” writes the FT’s Lauren Fedor.

As she becomes more emotional she turns her attention to her failure to “break the glass ceiling”, telling her audience:

And to all the women, and especially the young women, who put their faith in this campaign and in me, I want you to know that nothing has made me prouder than to be your champion.

I know we have still not shattered that highest and hardest glass ceiling, but somebody someone will, and hopefully sooner than we might think right now.

And to all the little girls who are watching this: never doubt that you are valuable and powerful and deserving of every chance and opportunity in the world to pursue and achieve your own dreams.

And in her final flourish she adds:

Scripture tells us: Let us know grow weary for doing good for in due season we shall reap if we do not lose heart.

There are more seasons to come and there is more work to do. I am incredibly honoured and grateful to have had this chance to represent you in this consequential election.

May God bless you and may God bless these United States of America.

We’re awaiting a speech from President Obama, who is due to speak at the White House at 12:15PM EST/ 5:15PM GMT.

Meanwhile, one interesting race to watch in New Hampshire, where Democratic governor Maggie Hassan has declared victory in her US Senate contest against Republican incumbent Kelly Ayotte. But Ms Ayotte is not ready to declare.

Governor Hassan said at a press conference earlier: “As we’ve gotten more results overnight and this morning, it’s clear that we have maintained the lead and have won this race.”

But Ms Ayotte’s campaign said in a statement: “This has been a closely contested race from the beginning and we look forward to results being announced by the Secretary of State, and ensuring that every vote is counted in this race that has received an historic level of interest.”

According to the Associated Press, Governor Hassan was fewer than 700 votes ahead in unofficial results.

10-year Treasury yield hits a high for 2016

The yield on the 10-year US Treasury climbed above 2 per cent for the first time since January as investors dumped government notes, reports the FT’s Eric Platt.

A broad sell-off hit fixed income markets as inflation expectations climbed and investors braced for a wave of new Treasury sales after the election of Donald Trump as the next US president.

The yield on the 10-year note rose 15 basis points 2.004 per cent, while the yield on the two-year rose 2 basis points to 0.87 per cent. Yields climb as bond prices fall.

Read more on fastFT here.

Emoticon Reuters is reporting that GM is to lay off 2,000 workers at two US plants due to slowing sales. GM’s Lordstown, Ohio and Lansing, Michigan plants build slow-selling cars sold by Chevrolet and Cadillac. GM said it will furlough the employees when it cuts the third shift at both plants in January.

Barack Obama tells Americans he will ensure a “smooth transition.”

Obama is now speaking from the White House. “The sun is up and I know everybody had a long night, I did as well.”

He goes on to say: “I had the chance to talk to president-elect Trump last night to congratulate him.”

He says he has invited Mr Trump to the White House on Thursday and points out that he had some “pretty significant differences” with Mr Trump but reassures Americans that will not stop him from ensuring a smooth transition.

Eight years ago, President Bush and I had some pretty significant differences.

But President Bush’s team could not have been more gracious…

I have instructed my team to follow the example that President Bush’s team set eight years ago.

We are now all rooting for his success in uniting and leading the country.

The US President then praises Hillary Clinton, writes the FT’s Lauren Fedor, and says:

I could not be prouder of her.

She has lived an extraordinary life of public service.

She could not have been a better secretary of state.

Her candidacy and nomination was historic and sends a message to our daughters all across our country that they can achieve at the highest levels of politics.

He continues:

But to the young people who got into politics for the first time and may be disappointed by the results, I just want you to know you have to stay encouraged. Don’t get cynical. Don’t ever think that you can’t make a difference.

Fighting for what is right is worth it.

Sometimes you lose an argument, sometimes you lose an election. The path that this country has taken has never been a straight line. We zig and zag and sometimes we move in a way that some people think is forward and other people think is moving back.

That is okay. I have lost elections before. Joe hasn’t [ refering to Joe Biden, his vice president, who is standing off-camera]

I think of this job as being a relay runner. You take the baton, you run your best race, and hopefully by the time you hand it off, you have run a bit further, you have made some progress.

He ends his statement but once again reassuring Americans that the transition will be smooth adding: “…we’re all on the same team.”

Then the president went back inside without taking any questions.

Trump win: What should private investors do next?

The FT’s Aime Williams reports investors and fund managers are now busy “Trump proofing” their portfolios as they take stock of what the next four years could bring.

Fund managers stressed on Wednesday that it was too early to tell what the consequences of the US election would be, and how Trump’s campaign promises would translate into policy.

“We didn’t expect Trump to win,” said Lars Kreckel, global equity strategist at Legal and General Investment Management. “As Trump describes himself as ‘totally flexible on very, very many issues’ it will take some time until we know how much of the pre-election rhetoric will be transformed into actual policies,” he added.

“It was a bit like the Brexit situation,” said Tom Becket, chief investment officer of Psigma Investment Management, noting that some turmoil was evident as investors piled into safe haven assets such as gold and the Japanese yen. On currency markets, the US dollar proved resilient, but the Mexican peso was badly hit.

Read Williams’s first article here.

Wondering why we have not heard anything from Hillary Clinton’s opponent in the Democratic primary contest, Bernie Sanders?

CNN is reporting that when asked for comment earlier today, a Sanders spokesperson said: “We have nothing polite to say right now.”

Here is a video of President Obama’s full remarks:

For those of you who didn’t catch Hillary Clinton’s concession speech, you can watch this edited version:

Dave Shellock, the FT’s market reporter, says investors continue to take the Trump victory in their stride following the falls in Asia and wobbles in European markets in the morning.

He writes:

An extraordinary day in the markets saw an early “flight to safety” largely unwind as participants digested the implications of Donald Trump’s shock victory in the US presidential election.

US and European equity markets shrugged off steep falls for their Asian counterparts and the dollar put in a resilient showing, notably against the euro, while Treasury bonds reversed early gains and gold pared an initial steep advance.

The Mexican peso was a notable casualty but managed to pull well clear of an early record low.

“The markets appear to be sanguine about a Trump presidency, which dramatically increases global economic uncertainty,” said Kathleen Brooks at City Index.

Read his full report here.

Former President George W. Bush has called Donald Trump to congratulate him on his victory:

David Lynch, one of the FT’s Washington correspondents, reports that Donald Trump’s team has refused to rule out taking judicial action against his beaten rival Hillary Clinton, as the president-elect had threatened to do during his campaign. One of the most popular chants among Mr Trump’s supporters during the campaign aimed at his rival was “Lock her Up”.

Read the full story here

Just a reminder that there are still 3 states that haven’t been called yet: Michigan with 16 electoral college votes, Arizona with 11 and New Hampshire with 4 votes.

The two are running very close in both Michigan where Trump has 47.6% of the vote and Clinton has 47.3%, given the president-elect a lead of less than 13,000 – and New Hampshire – where Clinton has 47.5% of the vote against 47.3% for Trump, a lead for the defeated Democratic challenger of just 1,437 votes.

In Arizona, with 98% of votes reported, Trump’s has a bigger lead and is on 49.7% of the vote versus 45.3 per cent for Clinton, or just over 83,000 votes.

If the 3 states go the way they stand at present then the final electoral college vote count will be:

Trump – 306
Clinton – 232

Against that backdrop, Clinton looks set to have secured the majority of the popular vote nationwide.

US markets are set to finish the first day of post-election trading on the front foot.

The S&P 500 was up 1.3 per cent in the final hour of trading and volumes have been significantly higher than has been the average ahead of the election, according to the FT’s Adam Samson.

What’s more the Dow Jones index has climbed to an all-time high.

Crude joined the global rally after trading sharply lower overnight, he writes, when concerns about the outcome of the US presidential election triggered a sell-off in risky assets and a flight to safe havens.

The FT’s Jude Webber in Mexico City reports that President Peña Nieto has just given a jaunty speech saying there are challenges but also (unspecified) opportunities ahead for Mexico in a new relationship with the US under new leadership.

He said he had called President-elect Trump to congratulate him and wanted to meet him before the inauguration to hammer out details – no mention of not paying for the wall which his new US counterpart wants to build.

In his call, Mr Peña Nieto said he had agreed with Mr Trump on the need to work for “a relationship of confidence and share future because our countries are important to each other”.

There was not a shred of criticism for the new US leader. Officials on both sides will be in touch to start plotting a working agenda covering shared interests, including security, prosperity and cooperation, he said. There was nothing about immigration or trade, two of the neighbours’ most pressing concerns.

That will pave the way for a meeting, preferably before Mr Trump’s inauguration on January 20, “to define clearly the direction the relationship between both countries has to take”.

Mr Peña Nieto’s decision to invite Mr Trump to Mexico during the campaign outraged Mexicans and made him a laughing stock when his softly-softly approach backfired in a storm of scorn. Many Mexicans have still not forgiven him. One cartoon circulating on social media overnight showed the president and new president-elect, with their respective quiffs, barbequing a steak in the shape of Mexico. “Bon appétit,” says Mr Peña Nieto.

In the Trump heartland, some of the constituents are comforted by their candidate’s victory and the prospect of the new President tackling immigration.

Patti Waldmeir reports from Ohio.

On the other side of the spectrum, the rustbelt voter who does not feel that her new President is going to do anything to help her. And the black Muslim 22-year-old man who is afraid of him.

The man who held the claim to be the youngest Senator elected in the previous election round, Tom Cotton of Arkansas welcomed with open arms the new President-elect. He went on television to also endorse water boarding. h/t FT US social media editor @jgrovum

The hard fought Senate seat in New Hampshire has gone to the Democratic Party, after a campaign there costing a reported $100m.

A contested outcome has been avoided after the concession by Republican candidate Kelly Ayotte to her Democratic rival, governor Maggie Hassan. In the final stretches of the race, Ayotte distanced herself from earlier remarks that Donald Trump was a role model, after criticism of the leader’s treatment of women.

A look behind the voting patterns in the US 2016 election shows the “white vote” was sorely underestimated

In San Francisco this afternoon, the Democratic Party supporters decided to march and sing in the wake of the US 2016 election outcome.

There may be no Trump TV but president elect Donald Trump’s celebrity status still draws the crowds, reports Mamta Badkar

71.43m people tuned in to watch coverage of the 2016 presidential election during primetime on Tuesday, according to Nielsen.

That made it the second-most closely-watched election night in US presidential history, after the 2008 elections that saw President Barack Obama elected the 44th president of the nation.

It is also slimmer than the 84m that watched Mr Trump take on former Secretary of State Hillary Clinton in their first presidential debate.

And the heated contest also showed that Fox News, the network beloved by American conservatives, was the most-watched cable news network on election night, according to early Nielsen data, with nearly 12.2m viewers watching between 7pm to 3am eastern time. That compared with 11.2m for CNN and 5.2m for MSNBC.

Bernie Sanders has not gone as far as his fellow Democrats, Barack Obama and Hillary Clinton, in offering a conciliatory outstretched hand to Donald Trump, but has nonetheless tipped his hat to his success in tapping into the anger of the middle class.

“To the degree that he pursues racist, sexist, xenophobic and anti-environment policies, we will vigorously oppose him,” he concludes in his statement to the new President-elect.

Investors in Asian markets have taken their cue from US investors to take a deep breath after the rollicking of the previous trading session.

FastFT Asia colleagues report that Australia’s S&P/ASX 200 has roared 3 per cent higher after the previous day’s 1.9 per cent decline.

Futures tipped Japan’s Nikkei to surge 6.1 per cent after the gauge shed 5.4 per cent yesterday alongside a stronger yen at the time. We say at the time because for the overall Wednesday session, the yen closed 0.5 per cent weaker, despite being as much as 3.8 per cent stronger during Asian hours.

Hong Kong’s Hang Seng is set to claw back nearly half of yesterday’s 2.2 per cent drop.

From late Asian trade yesterday, the flight to safety unwound. Sovereign bonds, the yen, the Swiss franc, gold all pared their early gains in a stunning display of volatility. Investors then marched back into riskier assets, while the US dollar regained its poise.

Japanese Prime Minister Shinzo Abe has made hasty plans to come to New York to meet President-elect Trump on November 17, on his way to Peru for the APEC meeting.

FT/Nikkei New York embed Hiroyuki Nishomura notes that when the Japanese leader last travelled to New York in late September for the UN gathering, he met only with Democratic candidate Hillary Clinton.

Meanwhile, the Japanese morning TV programmes are trying to make sense of Donald Trump for the uninitiated local viewer, with a family tree including his three wives.

Anti-Trump protests are gathering momentum. In New York’s Union Square thousands are marching against his election – including activist and film producer Michael Moore. FT reporter Neil Munshi recorded the angry slogans – in contrast to the “make love, not war” tenor of the marches in San Francisco.

Protesters are also amassing in Chicago, Philadelphia, Oregon this evening.

The urban-rural divide in US politics fuelling the protests shows up starkly in voter analysis.

The shocked atmosphere in New York City, where nearly 90 per cent of voters backed the Democratic nominee, highlighted this divergence between US urban and rural voters, reports FT data whiz Lauren Leatherby

The physical landscapes both groups inhabit have become so vastly different that it is easy for urbanites to lose touch with how those in other parts of the country feel.

Big-city dwellers didn’t always vote as heavily Democratic as they do now. Not long ago, the urban Democratic vote tracked within 12 percentage points of the country-wide popular vote. In the last seven elections, the divide has become much bigger.

Growing anti-Trump protests joined by frustrated urban voters.

From New York to Chicago, Philadelphia, Oregon, Oakland, San Francisco, Phoenix, Austin, Seattle, Boston and Washington.

Anger being vented at Trump protests, targeting properties bearing his name.

Justin Trudeau joins world leaders making statements supportive of their relationship with the US and, in turn, Donald Trump.

While a Trump effigy burns at the LA City Hall protest

In midtown Manhattan outside Trump Tower, the FT’s Joanna Kao reports that among the round of chants and epithets involving Donald Trump, someone tried to start a cry of “we want Bernie [Sanders]” but that only lasted about 20 seconds.

Taking part in the protest by a mainly youthful crowd, was Brittany Herrick, (pictured below) aged 27, from Brooklyn, who said she worked at the global health advocacy organisation, HealthGAP.

“I got very scared for the future of this country.. The great thing about New York is that it is so diverse and progressive that I feel safe here saying I don’t support President Trump. It’s a consolation to know you’re not alone.”