"Do people really think that our special services are chasing every American billionaire? This is complete nonsense," said Putin. Credit:AP Iron ore rocketed to its highest level since January last year, prompting BHP Billiton to soar 8.2 per cent, closely followed by Rio Tinto, up 8.2 per cent and Fortescue Metals, up 10.7 per cent. While the Trump agenda lacks the amount of detail investors would prefer, his vows to reform taxes and limit business regulation, are expected to boost economic activity and provide a lift to inflation. "Trump may implement just some fiscal policy in size," said Adam Donaldson, head of fixed income, rates and research at Commonwealth Bank of Australia. "But pro‑growth strategies, however implemented, are pro‑growth strategies. And we would expect to see a strong inflation response." Should inflation pickup, the likelihood of the US Federal Reserve hiking interest rates also increases. As such, bond yields soared on Wednesday, leading to a selloff in the shares of bond proxies - companies that have profited from investors searching for yield. Sydney Airport closed down 1.8 per cent and Transurban Group also plummeted, closing down 3 per cent.

Shares in vaccine and blood product manufacturer CSL rocketed. Credit: James Davies Investors, suddenly buoyed by the prospect of a more pro-busienss climate, pulled out of the safe haven of gold, and consequently stocks of gold producers fell. The price of bullion dropped back below $US1300 an ounce, after soaring as much as 5.2 per cent higher on Tuesday. The whole sector was down around 4.8 per cent with St Barbara being one of the worst performers, closing 8.8 per cent lower. Newcrest Mining, Australia's largest producer was off 4.4 per cent. The Aussie dropped below US75¢ in the wake of iron ore's collapse. The spot price of iron ore shed 6.8 per cent to $US75.45 a tonne, taking its swoon to 20.5 per cent from February 21. Credit:Brendon Thorne Stock Watch - CSL

Shares in vaccine and blood product manufacturer CSL rocketed 5.3 per cent higher on Wednesday. Most healthcare and pharmaceutical stocks enjoyed a solid day on the ASX, following the lead from drug companies in the United States. Investors were delighted the risk of Hillary Clinton's planned pharmaceutical regulations has evaporated and enthusiastically bought into the sector. CSL recently began building a number of new production facilities in different countries, as well as its packing facilities and plasma collection centres. CSL's plasma collection network grew by 20 per cent to 140 facilities throughout Europe and the USA in the past year. Commodities Iron ore futures continued to soar in China, at one point reaching the daily limit of 9 per cent. The spot price of Australia's largest export on Wednesday night jumped 3.9 per cent to $US70.98 a tonne, the highest since January last year. Oil prices slipped on the news that US crude inventories had increased by 2.4 million barrels to 485 million barrels last week even though refineries hiked output and imports fell. Copper, aluminum and nickel climbed to their highest levels in more than a year. The benchmark S&P/ASX200 Index and the broader All Ordinaries Index each climbed 3.3 per cent. Bonds

Australian government debt tumbled on Wednesday, shooting 10-year yields up to a three-year high, adding to the global bond selloff that was sparked by investors betting that inflation would rise under a Trump administration. Markets are speculating that huge infrastructure spending as well as protectionist trade policies will put upward pressure on US wages and prices. The benchmark Australian yield rose as much as 28 basis points to 2.50 per cent, the highest level in six months. Investor loans New investor loans rose to their highest level in more than a year in September even as owner occupiers took a step back. Lending to investors rose 4.6 per cent from August to $12.4 billion, the largest monthly total since August last year, when the figure was $12.7 billion. While the strong figure suggests investors appetite may have strengthened over the month, the monthly numbers are volatile and not definitive. Over the 12 months to September, investor lending commitments totalled $137.5 billion, a fall of 15 per cent on the level a year earlier. The rolling 12-monthly total has fallen for eight straight months. Asian shares Shares around the region recovered from their steepest plunge since Brexit on Wednesday, with industrial metals leading the way. Japan's Topix index jumped more than 6 per cent, after sinking 4.6 percent in the last session, not least thanks to falls in the safe haven yen, which had surged the previous session. Benchmarks in China, Hong Kong and Korea all rose between 1 to 2 per cent, as investors bet that Donald Trump's protectionist trade policies would be toned down by the US Congress.