Donald Trump winning the U.S. presidential election was a big deal for global markets.
Because it was unexpected, global asset prices have made some dramatic moves to adjust to the new reality.
And some sectors and markets have lost out while others have gained in a big way.
Global stock markets overall haven't moved much.
The broad MSCI All Country World Index is up just 0.6% since Nov. 8. The S&P 500 has gained 3%, and the Shanghai Composite is up 2% over the past two weeks.
Meanwhile, the Russian stock market has gained almost 5%.
Asia has suffered more than most. The MSCI Asia ex Japan Index has lost 4%, and the Indian and Philippine markets have dropped 10% and 9% since the election, respectively, with all returns in dollar terms.
On Monday, Bloomberg explained what has been happening.
"Global funds sold about $11 billion of equities and bonds in Asia's emerging markets after Donald Trump's victory in the U.S. presidential election as expectations for his economic policies sent Treasury yields higher and sparked the dollar's strongest rally in eight years," Bloomberg reported.
In other words, investors expect his government to borrow more money to spend on things such as infrastructure. This could raise the U.S. inflation rate and drive higher demand for the dollar.
As a result, markets expect that the Federal Reserve will raise interest rates next month, which would be the first increase since last December.
An expected rate increase and more deficit spending has resulted in a stronger dollar and lower bond prices. Remember, when bond yields rise, bond prices fall.