Market winners and losers as Trump secures historic victory

As Donald Trump returns as the 47th US president, several markets respond strongly to his policy shift. Here are five winners and losers as investors adjust to the new US administration.

Donald Trump has returned to the White House as the 47th US president, making him the first to serve two non-consecutive terms since Grover Cleveland in the late 19th century with far-reaching implications for the global economy and markets. 
His Republican party now holds both chambers of Congress, granting him a powerful mandate to advance his policy agenda, which centres on low taxes on corporations and wealthy earners, high tariffs on imports, and reduced government spending.
Trump called this a “powerful and unprecedented mandate” in his first speech on Wednesday. 
However, a key aspect of his agenda also includes significantly higher tariffs – up to 60% on Chinese imports and 10% on other goods – a move that could reshape US trade dynamics.
In foreign policy, Trump’s stance could lead to reduced financial and military support for Ukraine, a departure from the Biden administration’s approach, while reaffirming strong backing for Israel.
Global equity markets reacted positively to Trump’s win, with investors relieved over the prospect of avoiding higher taxes under a Harris administration. The dollar strengthened against other currencies as analysts anticipate inflationary pressures and a potentially tighter stance from the Federal Reserve.
As investors adjust to this new political landscape, several key winners and losers are emerging across global markets.
Small-Cap Stocks The Russell 2000 index, which tracks US small-cap companies, surged over 6% in early trading in Europe, nearing record highs and marking its largest single-day gain in two years. Trump’s protectionist stance is expected to benefit domestic producers, as higher tariffs on imports raise costs for foreign competitors, giving U.S. small-cap companies a competitive edge.
Russian Assets Markets are betting on a potential easing of US sanctions on Russia, pushing the Moscow Stock Exchange (MOEX) index up by 3.3%, outpacing European peers. Russian energy giant Gazprom saw a 4% increase, while Sberbank, a major Russian financial institution, rose by over 3%.
Tesla Tesla shares jumped 4% in pre-market trading as the company looks poised to benefit from Trump’s renewed push for higher tariffs on Chinese and European electric vehicles. Tesla CEO Elon Musk, a vocal Trump supporter, was acknowledged in Trump’s victory speech, reinforcing expectations that Tesla could be shielded from international competition under a more protectionist US administration.
Bitcoin Trump’s support for deregulation in financial markets, including crypto, sent Bitcoin up nearly 8% overnight, reaching a new all-time high of $75,000 (€69,000). In late October, Trump declared his intention to end “Kamala’s war on crypto”, signalling a more favourable regulatory environment for digital assets under his administration.
US Banks Major US banks, including Wells Fargo, Citigroup, and Bank of America, rallied by around 8% in pre-market trading. With Trump’s policies expected to boost trading revenues and widen interest margins, Wall Street banks anticipate a strong profit outlook. JPMorgan and Morgan Stanley also saw gains of roughly 7% each.