If Australians had been troubled by the US presidential election campaign, a sleepless night is on the cards as global financial markets went on a rollercoaster ride in anticipation of a shock win by Republican Donald Trump.
Billions of dollars were wiped off the Australian share market as predictions of a win by Democrat Hillary Clinton fell by the wayside, finishing around two per cent lower on Wednesday.
Shares tumbled nearly four per cent at one stage, as the US S&P 500 futures market slumped 4.5 per cent.
Some analysts have predicted a 10 per cent slide on Wall Street should a Trump win be confirmed.
"The count is ongoing, but it would appear that Donald Trump is mostly likely to claim the presidency at this stage," Foreign Minister Julie Bishop told Sky News..
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The unexpected election turnaround rolled out during Australia's trading session and came as new figures showed confidence among local consumers have been undermined in the past month by the political shenanigans in the US.
The Westpac-Melbourne Institute consumer sentiment index for November fell 1.1 per cent.
Westpac chief economist Bill Evans said events in the past month have included weakness in the share markets as investors dealt with the uncertainties around the US election.
This and disappointing monthly jobs numbers and an unchanged cash rate after the Reserve Bank board meeting - there had been earlier speculation of a rate cut at the November 1 board meeting - offset the surprise surge in commodity prices in recent months and the potential lift in the national income.
However, the more timely weekly ANZ-Roy Morgan confidence gauge released on Tuesday jumped 3.2 per cent.
Confidence readings provide a pointer to future retail spending.
As Commonwealth Securities chief economist Craig James describes it, "confidence is far from effervescent but nor are people decidedly glum".
"But that is far from surprising when you consider the background of a contentious US election."
There was also some bad news for retailers.
The Westpac survey also gauged respondents on their Christmas spending intentions - asking whether they will spend less, about the same or more on gifts compared to last year.
The net balance of those spending more, minus those spending less was minus 20.1 per cent - the average since this question was first asked on 2009, but down from minus 13 per cent last year.
"That is a disappointing result given the promising improvement in spending plans in 2015," Mr Evans said.
