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.
As shown above, global bond prices have fallen 4%, which is a huge move in the bond world.
The performance of different sectors is also saying a lot about what to expect from a Trump government. As predicted, the financial sector approves of his win, with the S&P 500 Financials Index up 11% on news of his victory, and the broad global financials index up almost 5%.
But the utilities sector is off by 6% because higher rates or the threat of higher rates makes these stocks less attractive to investors.
Meanwhile, the S&P GSCI Index, which measures the performance of global commodities, is up 5%.
Normally, commodity prices fall when the dollar goes up because commodities trade in dollars and when the dollar strengthens versus other currencies, it makes commodities in countries that don't use the dollar more expensive. This causes demand and prices to fall.
But that isn't happening this time, partly because a Trump administration is expected to be hungry for commodities, so overall commodity prices are higher. They have been helped by the 7% jump in oil prices, but gold and silver prices have fallen sharply.
The dollar has been a factor in these price movements. Since the election, the dollar has appreciated 4% versus a basket of other currencies.
And Trump's favorite target during the election campaign --Mexico -- has seen its currency take a beating. The peso is down 11%.
Asian currencies have also been struggling. The Chinese yuan, the Malaysian ringgit and the Singapore dollar have all lost ground to the dollar.
Of course, it has only been two weeks since the election. Trump isn't even in the Oval Office yet.
So today's winners may not be tomorrow's winners. But to this point, the election results have been cheered by banks, the dollar, and the oil and gas industry.