Trump win, Tesco Bank, RBS and payday loans

There’s really only one story this morning – and the markets agree. After Donald Trump beat Hillary Clinton to become the next President of the US, global markets are in chaos, the dollar has plummeted and, as widely predicted in the event of a Trump win, gold prices have soared. UK stocks mirrored their US counterparts and the FTSE 100 index was down about 0.5 per cent to 6,812 in the first hour of opening. Other major European stock markets are also lower. However, according to the BBC, neither markets nor currencies have swung as wildly as they did after June’s Brexit vote. The pound has strengthened against the dollar, rising 0.3 per cent to go back above $1.24, while the euro is 0.4 per cent higher against the US currency. The BBC reports that ‘concerns about the impact of a Trump presidency on the Mexican economy saw its currency, the peso, fall more than 13 per cent against the dollar to its lowest level in two decades’.