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 maximum allowed, futures on the S&P 500 Index pared losses along with European equities, while the yen and gold scaled back gains. Longer-maturity Treasuries sold off and copper soared to a 15-month high on speculation Trump will increase spending to spur economic growth. Swaps traders cut wagers on a Federal Reserve interest-rate hike next month. Mexico’s peso led emerging-market currencies lower amid concern U.S. trade policies will become more protectionist…

Read the full story at Bloomberg, by Stephen Kirkland,  James Regan