Asian markets nosedived on Tuesday as Donald Trump won key states in the U.S. election and appeared headed toward the presidency.
Shares dropped in every market throughout the region, with Japan’s Nikkei index plunging as much as 5.3% by mid-afternoon. Hong Kong’s Hang Seng index fell to 2.6%, while the Korea Stock Exchange dropped 2.9%.
The numbers reflected rattled markets and uncertain investors worldwide, as swing states started flashing red by the late morning. A Trump victory would mark the second political hit to financial markets since the Brexit vote in late June.
Janice Hahn was ahead in early results in the race to replace Los Angeles County Supervisor Don Knabe, who represents southern Los Angeles County.
With 19% of precincts reporting, Hahn was winning with 55% of the vote, while Steve Napolitano was pulling in 45%. That total also includes a partial count of mail-in ballots.
U.S. Rep. Hahn, a Democrat from San Pedro, faced a tough fight with rival Napolitano,a Republican and former Manhattan Beach councilman who has worked for Knabe for 12 years. If elected, Hahn would be the fourth labor-backed liberal on the officially nonpartisan five-member board — constituting a supermajority that could make it easier to approve tax and salary matters favored by the county's most powerful unions. Knabe and Michael D. Antonovich — the two Republicans on the board — are being forced out by term limits.
Sitting at tables decorated with red, white and blue centerpieces, supporters of Orange County Rep. Loretta Sanchez had no idea her race for U.S. Senate had already been called, and not in her favor.
They chatted, mostly in Spanish, over bottles of Jarritos soda and waited for the Mexican food buffet to open up.
Sanchez's election night party was held at a Santa Ana campaign office she shared with Lou Correa, the Democrat she'd endorsed to take her place in Congress. A bank of cameras separated a smattering of tables from an empty stage.
A Los Angeles County ballot measure asking voters to tax themselves for park improvements is leading in early voting results.
With 14% of the precincts reporting, Measure A is leading with 70.19% of voters in support of the ballot initiative. It requires a two-thirds vote to pass.
Measure A, if passed, would impose a county tax on improved property, at a rate of 1.5 cents per square foot of building area – about $22.50 a year for a 1,500-square-foot house – and bring in $94.5 million a year, without an end date.
The Empire State Building was illuminated in red, white and blue, with election results projected along the side of the building for the city to watch the action live. Times Square had a dozen competing screens projecting news of the election. Much as they do on New Year’s Eve, crowds gathered in suitably colorful attire — mostly red, white and blue — in hopes of celebrating with their compatriots.
All eyes were on New York on election day, with the presidential candidates holding dueling election parties 15 blocks apart in midtown Manhattan, and thousands of their supporters cheering them on.
Early results late Tuesday night were positive for Measure CC, a $3.5-billion construction bond for the Los Angeles Community College District.
With 8% of precincts reporting, the measure was securing nearly 72% of the vote, better than the 55% majority needed to pass. The early totals also included partial vote-by-mail counts.
Supporters argued that the money is necessary to complete renovation efforts that began with earlier bond measures. Projects to be completed include earthquake-safety upgrades and better access for disabled students.
A San Diego ballot measure to increase hotel taxes and build a new downtown football stadium for the Chargers was losing badly Tuesday.
With about 20% of the precincts reporting, 61% of voters were opposing Measure C, and 39% of voters signaled support. Measure C requires a two-thirds majority to pass.
Drafted by the Chargers and backed by San Diego’s mayor, Measure C would increase hotel taxes from 12.5% to 16.5% and use the money to build a city-owned downtown football stadium and convention center. Opponents say tax money is better used for other purposes.
A measure that would lower the voting age and allow 16- and 17-year-olds to vote in municipal elections in San Francisco was leading in early returns Tuesday.
With 40% of precincts reporting, Proposition F was supported by 53.71% of voters.
If approved, those teenagers would be allowed to vote for school board and community college board members, and for local candidates and local ballot measures. The city controller estimated the number of registered voters would probably increase by up to 1%, if 16-year-olds and 17-year-olds vote at the same rate as the general population.