Danish energy stocks plunge after US election

Danish energy giants Vestas and Ørsted experienced a significant drop of 12.8% on the stock market following the results of the US election. The decline is largely attributed to uncertainties surrounding the future of the US wind turbine market under a Donald Trump presidency. For Vestas, this marked the second consecutive day of similar losses, cutting the company’s market value in half since the beginning of the year. Vestas’ downturn was exacerbated by the discovery of errors in a small number of wind turbines, raising investor concerns about the scope of the issue. Additionally, Danish shipping company Maersk suffered a 6.4% decline amidst fears that Trump’s proposed trade barriers could reduce global trade volumes, impacting Maersk’s shipping business. While Danish stocks took a hit, the US stock market saw a positive opening, with Dow Jones, S&P 500, and Nasdaq indexes all climbing between 1.9 and 3.1 percent.