World equity markets went into a tailspin as news on US election front showed the Republican president candidate Donald Trump leading the presidential race against his Democrat rival Hillary Clinton, which fueled uncertainty amongst investors. Trump is being perceived as an hardliner with his protectionist policies, which could hamper global trade policies in the long run, say analysts.
As per the latest count, Donald Trump is leading with 244 seats against 209 seats by Hillary Clinton. Global markets were already under pressure in last few weeks, as investors world over favoured Hillary Clinton over Trump on hopes of persisting with the existing policies.
In the Asian pack, Japan's Nikkei crashed nearly 6 percent at 16,153.40, while Hang Seng slumped 3.6 percent at 22,077.43 and Shanghai Composite dropped 1.6 percent at 3,097.18. India's benchmark Sensex, too, was at the receiving end tumbling 3.5 percent at 26,634.41, while broader Nifty 50 was down 3.7 percent at 8,224.25. Other Asian gauges such as Straits Times, Seoul Composite and Taiwan weighted, too, witnessed steep losses, falling over 2-3 percent.
According to a CNN report, Mexican currency peso crashed 11 percent to an all-time low on Tuesday evening. US stock futures, Dow futures tumbled 800 points as investors were apprehensive about Trump's anti-trade talk and his unpredictability, the report said.