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Stock Markets all over the world tumbled just a day after the US presidential election, which saw Barack Obama emerged as the 44th president of the United States, as the reality of economic turmoil returns. The market exuberance of Election Day dissipated with all the major US stock indexes plummeting more than 5 per cent, the largest decline on record for a day following a US presidential contest.

Vanishing jobs and slumping markets confronted Barack Obama with escalating pressure for urgent action to curb the world's relentless financial crisis. ADP Employer Services said US private employers cut a larger-than-expected 157,000 jobs in October, presaging another whopping job-loss figure on Friday when the Labor Department issues the more market-sensitive nonfarm payrolls data. In addition, the Institute for Supply Management reported the US service sector shrank unexpectedly sharply in October, sources said investment bank Goldman Sachs planned to lay off another 3,200 employees, and bellwether finance company GMAC reported a $2.52 billion loss for the third quarter.

European stocks earlier lost 2.2 per cent on a day in which Germany approved a 50 billion euro (US$64.22 billion) stimulus package, Italy pledged to support its banks and service sector activity in the euro zone hit a decade low. Other European banks reported weak earnings and gloomy data from Britain and the 15-nation euro zone added to expectations of hefty interest rate cuts on Thursday. Markets across also sank with Japan's Nikkei down 6%, Hong Kong's HSI down 6.2%, Kospi down 7.7% and Singapore's HSI down 3.5% by midday.