The FTSE 100 has dropped in early deals post the Donald Trump win, says IG market analyst Chris Beauchamp, but nothing like in the same way as post the UK Brexit vote on June 23.
The key thing, he says, is what happens next.
FTSE 100 fell sharply initially in early deals but then gained ground.
"It's nothing like we had Brexit wise," he said.
After the UK's vote to leave the EU in June, it took Footsie around a week to correct after plunging but Beauchamp suggests that may have already happened this morning following an early speech from the new US president.
The question of Fed chair Janet Yellen and whether she may be removed from the role was a "known unknown" which would have to be factored in by the markets .
"Clearly we don't have any decision on that for a while. We won't until he's probably inaugurated." A December interest rate rise, is looking much less likely, he added.