Thirty-five billion dollars has been wiped from the value of Australian shares today, as global markets free fall amid Donald Trump's shock victory.

The ASX nosedived 143 points (2.7%), with gold prices jumping by almost $U45 an ounce. The All Ordinaries index fell by 2.17% to 116 points.

"It was always said that if Donald Trump got in, a few things would happen. Number one, that people would scurry for the hills, they'd go to gold which they have today and they would also head to government bonds," 9NEWS Finance Editor Ross Greenwood said during Channel 9's live election coverage.

US stock markets sank to levels lower than after 9/11 in after-hours trading as the Republican candidate picked up Ohio, North Carolina and Florida.

The Dow Jones Industrial Average fell around three percent to 686 points, with the Guardian’s banking specialist Jill Treanor calling it “bigger than Brexit”.

"The share market didn't like the uncertainty of Donald Trump becoming the president of the United States," Greenwood said.

"There are big changes in the financial markets, and the more that Donald Trump succeeds the more these markets change.

"It is the surprise result that the markets did not expect."

The Mexican peso has tumbled by more than 10 percent against the US dollar - its worst fall since the currency was devalued in 1994.

Mr Trump has campaigned for the construction of a wall along Mexico’s northern border as well as the destruction of trade deals with the country.

"Eventually people will start to breathe and this will all start to turn itself around. It has a big impact in regards to how much Trump can get through as the president of the US.

"There are trade deals here in Australia that may get ripped up, the Trans-Pacific Partnership, he has said is a "terrible deal" and doesn't think it's fair to Americans and American companies," Greenwood said.

The Australian stock market took a lead from Wall Street overnight after Ms Clinton was cleared by the FBI over an investigation into her emails.

This morning, the market was up more than 40 points and gold prices had fallen, as the Democrat candidate looked more likely to clinch victory.

"Gold prices have fallen, if Trump was even considered to be a victor tonight gold prices would take off, share prices would fall," Greenwood said earlier today.

A former chief economist at the IMF claimed a Trump victory would likely cause the stock market to crash and plunge the world into recession.

- Key figures around 1610 AEDT -

Tokyo - Nikkei 225: DOWN 5.5 percent at 16,222.02

Hong Kong - Hang Seng: DOWN 2.8 percent at 22,262.74 (break)

Shanghai - Composite: DOWN 1.3 percent at 3,106.23 (break)

Dollar/Mexican peso: UP at 20.7135 from 18.6152 pesos late Tuesday

Pound/dollar: UP at $1.2581 from $1.2378 Tuesday

Euro/pound: UP at 89.30 pence from 89.03 pence

Euro/dollar: UP at $1.1245 from $1.1020

Dollar/yen: DOWN at 101.20 yen from 105.14 yen

Oil - West Texas Intermediate: DOWN $1.56 at $43.42 per barrel

Oil - Brent North Sea: DOWN $1.41 at $44.63 per barrel

New York - Dow: UP 0.4 percent at 18,332.43 (close)