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Dow futures were down more than 650 points early Wednesday morning, or more than 3.5%. At their low point on Tuesday night, Dow futures were down more than 800 points.

which puts the U.S. market on track for its biggest percentage decline since August 2011 when they plunged 6.6% after the U.S. credit rating was downgraded.

Stock indexes across Asia were also deep within the red. Japan’s Nikkei plummeted 5.5% along with the Hang Seng in Hong Kong dropped around 3%.

Markets hate uncertainty — along with many investors believe Trump’s unpredictable nature along with anti-trade stance could bring global turmoil if he wins the presidency.

“Shock along with awe would likely aptly describe movements of global markets right today,” said Matt Simpson, a senior markets analyst at ThinkMarkets.

Related: Live election results

Stock futures began tumbling after 9 p.m. ET as which became clear which Hillary Clinton’s chances of winning crucial states such as Florida, North Carolina along with Ohio was in serious doubt. She would likely later lose all three to Trump.

“which can be looking like another Brexit-type surprise,” said Ryan Detrick, senior market strategist at LPL Financial. “The fear of uncertainty can be taking hold, as the potential for a Trump victory has many taking a sell first along with ask questions later approach.”

By comparison, the Dow fell 610 points, or 3.4% on June 24 after Britain’s shocking vote to leave the European Union.

U.K. markets tanked after Brexit. The FTSE 100, the main stock market, dropped 3.2% the day after the vote. The British pound had one of its biggest one-day declines on record, falling 9% to $1.33, then the lowest which had been since 1985. The U.K. market has rebounded since then, partially because the weak pound helped support the economy.

The U.S. dollar wasn’t hit as hard as the pound was — which’s down about 2% Wednesday morning.

Just like then, Wall Street appears to have been caught leaning within the wrong direction. The Dow raced nearly 400 points on Monday as investors bet which Clinton’s chances of winning enhanced after the FBI cleared her within the email investigation.

stocks tank election

While Wall Street can be on track for dramatic post-election losses, they are not nearly as bad on a percentage basis as those experienced during the 2008 financial crisis when several plunges of greater than 6% occurred.

The Mexican peso has plunged more than 11% to an all-time low, after seesawing violently all evening as Trump began pulling ahead in key battleground states. The Mexican currency can be on track for its worst day since 1994.

Trump’s anti-Mexico rhetoric has affected the value of the peso for weeks. Trump has talked about renegotiating or even ending NAFTA, the free trade deal between the U.S., Mexico along with Canada.

“The Mexican economy can be most tied to Donald Trump’s criticism of global trade. which definitely can be ground zero of which discussion economically,” said Nicholas Colas, chief market strategist at brokerage firm ConvergEx. “Regardless of how things shake out in an hour or two, which can be a surprise — a big surprise.”

Investors turned to assets which are seen as safer bets in times of uncertainty. Gold surged 4.5% along with the Japanese yen soared more than 3% against the dollar.

Crude oil also took a big hit as cash flees risky assets. Oil prices were down nearly 4% to $44 a barrel.

sy88pgw (Hong Kong) First published November 8, 2016: 10:07 PM ET


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Global markets tank as U.S. election results shock investors

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