Barack Obama’s victory on Tuesday lifted spirits for some, but the effect on the stock market was short-lived, according to the Financial Times. The paper quotes Howard Wheeldon, senior strategist at BGC Partners: “It seems that the euphoria didn’t last that long with stock markets around the globe peering into what they increasingly believe will be a long and protracted period of global recession.”

The S&P 500 fell 2.1 percent and the FTSE Eurofirst 300 index fell 2.2 percent, Financial Times writes. The New York Times reported this morning that markets in Tokyo, Hong Kong and Seoul all three fell more than 6.5 percent.

The dollar, which showed some gains last week, fell 0.8 percent against the euro and 0.5 percent against the yen. The employment index fell also, from 44.2 to 41.5.