US Election 2016: Trump lead smashes Australian shares

THE Mexican peso and the Japanese Nikkei 225 have both fallen as the markets reacted to the prospect of Donald Trump becoming the next US president.

Share prices in Asia and Australia gave up nearly all their earlier gains as the race for the White House tightened.

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The Nikkei 225 in Japan had shown a 200 point rise but by 2.40am was in negative territory, down by more than 260 points.

Much of the action was in currencies where the Mexican peso has become a touchstone for sentiment on the election, as Trump's trade policies are seen as damaging to Mexico's export-heavy economy.

The peso has plunged throughout the night, losing nearly 8.5 per cent as a result of uncertainty over the result in Florida.

Australia's benchmark All Ordinaries also moved into the red as both markets appeared to be tracking CNN's coverage of the election with Donald Trump casting a dark pall over both markets which appeared to track sentiment towards him falling as it rose.

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The US election has started to resemble Brexit, with early expectations shattering as the evening moved on.

Sporting Index reports spread betting punters have been selling Clinton all night.

At 2.14am it forecast 288 votes for Hilary Clinton in the electoral college that picks the president, still a victory but a narrow one with all the momentum favouring Mr Trump.



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