Trump wins US election, India scraps Rs500 notes and McDonald’s sues Florence

Global markets thrown into chaos as shock victory announced

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Donald Trump has defied predictions and won the US presidential election. He beat Hillary Clinton in battleground states such as Florida, North Carolina and Ohio, as what appears to be a coalition of disaffected blue-collar white and working-class voters acted on their anger at being left behind by globalisation and multiculturalism. His Republican party has also retained control of the House of Representatives and the Senate

In his acceptance speech, Mr Trump jettisoned the divisive language that characterised his campaign and called for unity, telling his supporters: “It is time for us to come together as one united people. It’s time.”

Global financial markets were thrown into chaos as they digested the news that Mr Trump would become America’s 45th leader, with nervous investors piling in to supposed haven assets, boosting the Japanese yen, gold and selected government bonds.

Around the world many US allies were disquieted at the prospect of an American president who has repeatedly vowed to challenge key tenets of the postwar international order. In Asia there was uncertainty over trade and security issues, such as the South China Sea, while European officials said they would be watching to see who Mr Trump appointed to his national security team in the coming weeks.

By contrast, many on the right hailed his victory as a boost to their own fortunes. Marine Le Pen, who is running for French president next year, said: “Today the United States, tomorrow — France. Bravo!” (FT, NAR, WaPo, NYT)

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Election 2016

What happened to the polls? Until late in the voting day, polls were predicting a victory for Hillary Clinton. What did they get wrong? (Economist)

The fear factor Writing in the New Yorker, David Remnick sees Mr Trump’s victory as a disaster for a tolerant, open America, that at best will test the resilience of the country’s institutions. The FT’s Ed Luce agrees, saying he has been given a mandate to “blow up” Washington. (New Yorker, FT)

The bonfire of the certainties The FT’s John Authers writes that Mr Trump’s win and June’s Brexit vote are a delayed political reaction to the financial crisis that many assumed would hit in 2009. And it may not be over yet; France, Germany and Italy all have a chance to upend the status quo at the ballot box in the coming months. (FT)

Seven Trump policies Donald Trump’s victory sets the stage for a series of radical policy reversals both at home and abroad. The FT picks seven that could change our lives. (FT)

Trump the businessman With no prior experience of public office, the world will be poring over the president-elect’s business record. But it may not reassure those worried about his ability to be commander-in-chief. (Newsweek)

What next? Martin Wolf writes that the next president will have his economic in-tray full. (FT)

Oh Canada The country’s immigration website crashed (again) as a Donald Trump election victory became more likely. This mysterious malfunction also happened in March after a series of victories by Mr Trump in the Republican primaries — although a spokesperson insisted it was an internal technical issue. (The Independent, Vice)

Key campaign moments Trump announcing he would “build a great wall”, Clinton apologising for her private email server and the “small hands” insult. Take a look back at some of the critical moments of the wildly unpredictable 2016 election. (ABC)

In the news

Isis priorities The jihadis may be under attack in Mosul but its morality police are back on patrol, terrorising any members of the local population who do not dress appropriately or dare to smoke a cigarette. Locals say it is a sign that the group wants to prove it is still in control of the Iraqi city. (Reuters)

Warning in Europe In what could be a warning for what may be in store with a Trump-led US, the European Commission has downgraded its latest growth forecasts for the eurozone and the UK on the back of uncertainties generated by the Brexit vote and a wider backlash against globalisation. (FT) 

McDonald’s sues Florence The fast-food giant is suing the Italian city for €18m after it was blocked from opening a restaurant in the historic Piazza del Duomo. (BBC)

It’s a big day for

The world See above.

Keep up with the important business, economic and political stories in the coming days with the FT’s Week Ahead.

Food for thought

Football fans switch off In the first 10 weeks of this season, TV viewership for live Premier League games on Sky fell 12 per cent year on year. A similar trend has occurred in the US National Football League as fans find other ways to watch matches. Is it merely a blip for the two most-watched sports franchises or something more serious for broadcasters? (FT) 

Mass blinding While the attention of the world has been fixed on every dramatic twist in the US presidential election, the renewal of armed conflict between India and Pakistan has barely touched the headlines. The bloody summer of protest in Kashmir has been broken up in one of the most brutal ways. (Guardian)

Sisi’s fridge How a gaffe about the Egyptian president’s fridge by a senior Saudi official helped fuel a feud between Cairo and Riyadh. (Al-Monitor)

Video of the day

Digesting a Trump victory The FT’s Robert Armstrong and Gideon Rachman discuss the US election result on FT Live. (FT)

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