European retail and luxury stocks are down across the board — from Prada to L'Oreal — and Trump's victory is expected to have an adverse effect on luxury, but perhaps be a boon to the high street. {WWD}

Asian markets tumbled as soon as Trump began pulling ahead in early election projections. {WWD}

When it comes to trade, Trump has proposed some pretty radical changes that could inhibit globalization, including getting rid of the Trans-Pacific Partnership deal (which has not yet been implemented but could be before Trump's inauguration — read more about what it means for fashion here), renegotiating and/or pulling out of NAFTA and imposing tariffs on all imports from China and Mexico. {WWD}

So what does Trump's presidency mean for the luxury market? International brands could take a hit from increased taxes on foreign goods; on the flip side, tax cuts for the rich could mean increased purchasing power. {Luxury Daily} 

Here's a little more detail on which markets plunged immediately after Trump's victory began to seem likely. {New York Times}

On the economic fallout of a Trump victory, Paul Krugman writes, "Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear. Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never." {New York Times}

Like Krugman, the BBC looks at how a Trump presidency could very likely trigger a U.S. recession with damaging implications for the already-fragile global economy. {BBC}

After "knee-jerk selloffs," markets are beginning to calm. {Bloomberg}