The votes have been counted for the US election and Donald Trump is the next president.
Following a hotly contested competition where Donald Trump and Hillary Clinton battled it out to be moving into the House White, an air of surprise was sent across the world as the result was announced.
Nicholas Holt, head of research at Knight Frank, Asia Pacific, has said, “Similar to the impact of Brexit, the result of the US presidential election is likely to cause further uncertainty in terms of the global economic recovery and is likely to lead to a rush towards safe haven assets. Along with gold and triple-A rated government bonds, prime real estate in key global city markets is likely to see an uptick in interest.”
The concerns are focused on the future policies of the US for trade, immigration and international relations. America is a powerhouse of the world. It paves the way for other countries who copy this model, explaining why these immediate jitters to the markets occurred although they have since recovered. Today Japan’s Nikkei 225 index exceeded the losses made from the previous session increasing by 6 percent. Likewise the markets in both Hong Kong and Australia saw positive growth. But whilst some markets were dipping, shares in a Philippine property company rose 20 percent due to their joint venture with Donald Trump building a skyscraper in Manila called Trump Tower.
Philippine President Rodrigo Duterte has congratulated Trump on his victory during a trip to Malaysia. The president who in recent months has been quarrelling with America and has been likened to Trump, commented, “We are both making curses. Even with trivial matters we curse. I was supposed to stop because Trump is there. I don’t want to quarrel anymore, because Trump has won.”
Taking power after a victorious election in May, Duterte shares a similar outlook to Trump appealing to the masses by stating that he will repair a broken country. Only time will tell how relations continue for the Philippines and America once Trump takes his position.
