donald trump <u+2019>s election victory has sent global markets on a tumultuous ride, playing out across commodities, stocks, currencies and bonds.<u+00a0>markets are moving as investors weigh the president-elect<u+2019>s past statements on trade, fiscal policy and regulation. some sectors, from emerging markets to health care, have been losers, while others, from banks to russia, have been winners. republicans retained control of congress, so mr. trump may have a freer hand to implement his policies, amplifying the impact on markets in the early days following tuesday<u+2019>s election. still, analysts are uncertain how durable this past week<u+2019>s moves will be. mr. trump may not act on all of his campaign promises, and his agenda still has to clear political hurdles. shares of banks on both sides of the atlantic rallied on hopes that mr. trump<u+2019>s administration would lighten the sector<u+2019>s regulatory load. shares from bank of america corp. to deutsche bank ag gained<u+00a0>on wednesday<u+00a0>and<u+00a0>thursday, with the kbw nasdaq bank index up more than 7% since the election. mr. trump in general has favored lighter regulation across industries, and he has criticized the dodd-frank financial-regulation overhaul as unnecessarily harsh on smaller banks. a sharp rise in long-dated bond yields, which some analysts have connected to mr. trump<u+2019>s promise of greater infrastructure spending, has been another factor supporting banks<u+2019> shares. that is good for banks because they borrow over short periods at low rates and lend for longer durations at higher rates. copper prices are up about 10% since the election as investors wager that mr. trump will boost u.s. infrastructure spending, which would lift demand for metals used for building and manufacturing. other base metals, and iron ore, were benefiting. u.s. coal miners have gained given an expectation that a trump administration will help the u.s. coal industry with a potential reversal of environmental regulations that have stymied demand and closed mines. the shares of the country<u+2019>s largest coal miner, peabody energy<u+2019> corp., are trading up around 50% from pre-election levels. the picture is more mixed for coal itself. demand could increase, but the miners could amp up supply. international coal prices<u+2019> were slightly higher, with benchmark european api2 thermal coal prices up 1.4% at $77.40 a metric ton from tuesday<u+2019>s<u+00a0>close before the election results. the rally in metals prices has sent mining shares higher, particularly those that dig for copper and iron ore. chilean copper producer antofagasta plc was up 16% and glencore plc was up more than 5%. brazil<u+2019>s vale was up 8.9% while rio tinto was up 3.5%, bhp billiton was up 1.6% and glencore plc is up 5.1% anglo american was up 0.5%. the sector soared<u+00a0>on thursday<u+00a0>in the u.s.<u+00a0>and europe, as bets on mr. trump<u+2019>s promise of infrastructure investment took off . steel providers leapt, with producer arcelormittal up more than 10% since tuesday. austria<u+2019>s wienerberger ag , the world<u+2019>s biggest brick maker, has gained about 7%, while other builders and suppliers to the trade, such as spain<u+2019>s actividades de construccion y servicios sa and ireland<u+2019>s crh plc, also notched gains. shares in u.s. and european arms makers have charged higher after mr. trump<u+2019>s election. investors are betting u.s. military spending will rise and that european countries will plow more money into their militaries after mr. trump warned that north atlantic treaty organization members who didn<u+2019>t pay more for their own defense couldn<u+2019>t bank on u.s. support. shares of bae systems plc, europe<u+2019>s largest arms maker and a major supplier to the pentagon, are up 11.7% since mr. trump was elected. lockheed martin corp. , the world<u+2019>s largest weapons maker by sales, was up 1.5% in the u.s. trading on thursday. their shares have bounced on hopes that mr. trump will ease the requirements under the renewable fuel standard that fuel makers blend gasoline with ethanol or buy sometimes expensive credits known as rins. refiners that have been hit hardest by the rising costs of those credits, such as cvr refining lp, pbf energy and hollyfrontier corp., and companies in the sector were up 7% to 25% wednesday, analysts at piper jaffray note. but mr. trump has a fine line to walk between corn growers in iowa<u+2014>a state he won<u+2014>and his supporters in the oil and refining industries, and the analysts say he may put the question on the back burner. the russian economy could emerge as a winner from mr. trump<u+2019>s election given the prospects of improved ties between the two former cold war rivals.<u+00a0>russian shares rose and the ruble gained against the dollar after the election, bucking the selling hitting most other emerging markets. mr. trump has made no secret of his desire for a closer relationship with russia and president vladimir putin. analysts say his administration could roll back sanctions, imposed after the 2014 annexation of ukraine<u+2019>s crimea region. a wave of selling has swept government-bond markets on expectations that the president-elect will enact a series of inflation-boosting fiscal policies that could hurt these securities. the yield on the 10-year u.s. treasury note notched its largest one-day gain in more than three years<u+00a0>on wednesday<u+00a0>after confirmation of mr. trump<u+2019>s election. the selling spilled across developed government-bond markets<u+00a0>thursday, with yields on bonds from germany to australia moving higher as prices tumbled. some developing markets took a hit as investors expressed fears that mr. trump could act on his anti-global trade rhetoric, which would hurt nations relying on exports to the developing world. currencies such as the mexican peso, malaysian ringgit<u+00a0>and south african rand slid in tandem with bourses from the philippines to taiwan. mr. trump has threatened to tear up trade agreements, reject the pan-pacific trade deal and raise import tariffs. of all emerging markets, the peso<u+00a0>has been one of the biggest losers from mr. trump<u+2019>s victory. the currency plunged close to 12%, hitting an all-time low in the immediate aftermath of the election and continued to fall<u+00a0>thursday. mr. trump<u+2019>s pledge to tear up the north american free trade agreement generated anxiety over a country that sends nearly 80% of its exports to the u.s. mr. trump has also pledged to crack down on immigration and to build a wall on the u.s.-mexico border<u+2014>and make mexico pay for it. the chinese currency plunged to a six-year low against the u.s. dollar thursday, partly on concern that mr. trump<u+2019>s election could lead to a worsening of relations with the world<u+2019>s second-biggest economy. mr. trump<u+2019>s has threatened during the presidential campaign to label beijing a currency manipulator. his antitrade rhetoric is also of concern for china, the world<u+2019>s biggest exporter. green energy companies have been hit given mr. trump<u+2019>s stated intention to reverse barack obama <u+2019>s renewable-power policies. mr. trump, who once called climate change a hoax, has also said he would cancel the paris agreement to combat it. in the aftermath of his election, investors dumped shares of companies such as sunpower corp. , solarcity corp. and wind-farm developer pattern energy group inc. non-u.s. based renewable companies such as danish wind-turbine maker vestas a/s or dong energy also sold off. health-care companies slumped as investors feared mr. trump<u+2019>s administration, coupled with republicans who won majorities in congress, would repeal obamacare. mr. trump has pledged to <u+201c>repeal and replace<u+201d> the affordable care act. that would likely mean lower demand for health-care companies and providers.<u+00a0>on wednesday, shares in hca holdings inc., community health systems inc. and molina healthcare inc., a large insurer of medicaid patients, fell, though some pared losses as the wider market gained<u+00a0>thursday. smith & wesson plunged 15%<u+00a0>on wednesday and was down a further 8.9% on thursday.<u+00a0>although democratic presidential candidate hillary clinton supported tighter controls<u+00a0>on firearms sales during the campaign, democrat victories in presidential elections have produced a surge in gun sales that benefit such companies.<u+00a0>likewise, sturm, ruger & co. fell 13.6%<u+00a0>on wednesday<u+00a0>and another 24% on thursday. shares in this giant swiss seed and pesticide maker were down around 3% since tuesday. the company is already struggling to complete its $43 billion deal to be acquired by china national chemical corp., known as chemchina, but mr. trump<u+2019>s election as u.s. president cloud matters amid signals of a possible trade war with the asian giant. although the deal has already won key approval from the committee on foreign investment in the u.s., syngenta<u+2019>s stock has lost ground, which is an indication that some investors fret that mr. trump could revoke the cfius decision. <u+2014>ben dummett, robert wall, denise roland, sarah mcfarlane, christopher whittall, mike bird and alex macdonald contributed to this article. write to georgi kantchev at georgi.kantchev@wsj.com
guns down, bricks up; what<u+2019>s moving in markets on donald trump<u+2019>s win   - wsj
georgi kantchev