European car industry stocks skidded downwards in early trading Wednesday as the news of Donald Trump's victory caught drivers on their morning commute. The big German car makers all fell over 4%, with BMW (BMWYY) off 4.74% t €75.01, Daimler (DDAIF) down 4.88% and Volkswagen (VLKAF) down 4.49% at €115.68
The biggest falls were in Japan though, where the rising yen will hit exports of the likes of Nissan Motor (NSANY) . Nissan was down 6% at the end of the Tokyo trading day and Toyota (TM) hit the wall, down 6.52%.
Already concerned by Brexit and the likelihood of more difficult markets in Europe, the car industry is now likely to face a fall in business confidence worldwide as a more protectionist U.S. weighs on the global economy.