U.S., NOVEMBER 09, 2016 (Bloomberg): Turbulence in financial markets calmed after a knee-jerk selloff in stocks and rally in haven assets as investors reassessed the effects of Donald Trump’s surprise victory in the U.S. presidential election.

After initially sliding the most since the aftermath of Britain’s shock vote to leave the European Union, European equities pared their losses with futures on the S&P 500 Index. The yen, gold and government bonds scaled back gains. The spread between five- and 30-year Treasury yields widened amid speculation Trump as president would increase spending to spur economic growth. Mexico’s peso led emerging-market currencies lower amid concern U.S. trade policies will become more protectionist.

S&P 500 futures tumbled by the maximum 5 percent loss permitted on the Chicago Mercantile Exchange before trading curbs are triggered, then pared their decline to 2 percent as of 8:46 a.m. in London. The restrictions last came into force in the wake of the Brexit vote and set a floor price for the contracts through the remainder of the overnight trading session.

The Stoxx Europe 600 Index fell 1.3 percent after sliding as much as 2.4 percent. Equity indexes in Germany and France fell at least 1.5 percent. Benchmarks in India, Japan and New Zealand posted the biggest declines in the Asian region.