Opening Bell: Trump leaves stock markets & dollar reeling, Paddy Power ready for big hit, Apple tax appeal

Get up to speed with today's breaking Irish and international business news

World stock markets have plunged as investors face up to the possibility of a shock US election win by Donald Trump.

Japan's Nikkei slumped by 6% and in Hong Kong, the Hang Seng was off by 3%.

Investments seen as safe havens such as government bonds and gold turned higher as Trump won key states.

In London, the futures market fell more than 4% ahead of the stock market opening at 8am. US futures were also down sharply ahead of Wall Street's opening bell later in the day.

Oil is down, with a barrel of Brent crude falling below $45, a three-month low. In Tokyo, the Japanese government and central bank were preparing to meet for crisis talks.

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Turning to currencies, the US dollar is tanking as a result of Trump's success, falling more than 3% against the yen this morning.

Meanwhile the Mexican peso plummeted by 13% to hit a record low.

Sterling was up by a cent against the US dollar at $1.25 but lost a cent against the euro.

Conversely, the Japanese yen and Swiss franc are up.

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Paddy Power has revealed it will take a €3 million hit if Trump wins, the Irish Independent reports.

Spokesman Féilim Mac An Iomaire compared the dramatic reversal in odds for Trump and Clinton victories as reminiscent of the Brexit result in June.

Mac An Iomaire said:

"You could say it's deja vu again. Much like Brexit, it looked to be following the odds early on before a dramatic turnaround."

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The Government's appeal of the Apple tax ruling will be lodged in the European Courts today.

The European Commission ruled in August that Ireland should collect €13 billion in back-taxes to Ireland.

But the Government here says the money is not owed to Ireland and will appeal on that basis.

The deadline to lodge an appeal is tomorrow.