The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) plunged 1.9% today with Donald Trump winning a shock US election victory. Unsurprisingly, global stock markets are plunging on the prospect of Trump as the new world boss.

Follow along here for live updates as to how the Australian markets respond to the Trump Slump…

  • The Australian dollar has fallen 1.5% to buy 76.5 US cents at 7.30pm
  • Gold and the ASX gold miners rocketed higher this afternoon
  • US share market futures are predicting a 4.5% fall at the open of the S&P 500 Index of leading companies
  • Results from the key states on the east coast like Florida, N.Carolina and Ohio suggest Donald Trump has won
  • Trump has won the key state of Florida at 7.30pm AEST
  • Trump has won the the key state of Ohio at 7.30pm AEST
  • Trump has won the key state of North Carolina at 7.30pm AEST
  • Clinton has won the key state of Virginia at 7.30pm AEST
  • Donald Trump has a total of 279 electoral college votes as at 7.30pm AEST (270 required for victory)
  • Hilary Clinton has a total of 218 electoral college votes as at 7.30pm AEST (270 required for victory)

The prospect of a Trump presidency has shocked markets as Trump has promised to tear up international trade agreements among other controversial policies.

As a result, ASX investors are heading for the safety of cash and other low-risk assets.

The other winners are the ASX gold miners as the precious metal rockets as it traditionally performs strongly in the eyes of a storm. Companies like Newcrest Mining Limited (ASX: NCM), Northern Star Resources Ltd (ASX: NST) and Evolution Mining (ASX: EVN) are all up by more than 5% today.

The Australian dollar is also tumbling as Trump promises uncertainty and the local currency is seen as a risk-on play in general.

A weaker Aussie dollar provides some respite for the large ASX healthcare companies with substantial US dollar earnings such as CSL Limited (ASX: CSL), Cochlear Ltd (ASX: COH), ResMed Inc. (ASX: RMD) and Sirtex Medical Limited (ASX: SRX).

Tomorrow could see more selling pressure on the ASX, although investors should not panic and always focus on the underlying quality of the companies they own not the wild swings in stock prices.

In fact big falls in the prices of quality companies may prove a good opportunity to pick up shares at a steep discount. Including some of the aforementioned healthcare shares or other quality dividend or growth businesses like SEEK Limited (ASX: SEK), Transurban Group (ASX: TCL) or Sydney Airport Holdings (ASX: SYD).

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Motley Fool contributor Tom Richardson owns shares of Cochlear Ltd., CSL Ltd., ResMed Inc., SEEK and Sirtex Medical Limited.

You can find him on Twitter @tommyr345

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.