Stocks across Europe closed deep in positive territory on Wednesday, rallying back from an initial crash as the shock of the fact that Donald Trump is the next president of the United States.

All of Europe's biggest bourses were significantly down soon after the European open, crashing lower thanks to the uncertainty that a Trump presidency brings to the markets.

Trump and his economic positions are seen as far less predictable than those of Hillary Clinton, and do not always follow party orthodoxy. As such he is perceived as more of a political risk than Clinton, causing the huge reactions in the markets overnight, which have continued into European trade.

While a Clinton victory would've likely boosted stocks a bit, John Higgins, chief markets economist at Capital Economics argued earlier that a Trump win would pull things in the "opposite direction."

Despite crashing in early trade, stocks in Europe rallied in the afternoon, gaining quickly after the US markets opened at 2.30 p.m. GMT (9.30 a.m. ET). At the European close, several indexes were more than 1% higher, swinging as much as 4% from their opening prices.

Germany's DAX, probably the most watched index on mainland Europe, finished the day up more than 1.6%, having initially been dragged almost 3% lower by banking and automotive stocks. Here's how it looked at the end of the European trading day:

The Euro Stoxx 50 broad index, which tracks Europe's biggest companies, closed up more than 1.1%:

In Britain, the FTSE 100 blue-chip index finished 1.05% in positive territory, climbing from a 2% loss at the open as the initial shock of the vote:

"A Trump Presidency will probably have mixed implications for businesses in the US. Trump advocates lower corporate taxes, but he has also suggested that he would try to curtail the ability of companies to freely move capital out of the country," HSBC's chief US economist Kevin Logan said in a note circulated on Wednesday morning.

Earlier, both the US futures markets, and Asian assets tumbled on news that Trump was pulling away from Clinton. Both Nasdaq and S&P 500 futures hit a limit-down, or the maximum amount by which they're permitted to fall before trading restraints kick in. They have been halted until the market opens on Wednesday.

Stocks, commodities, and higher-yielding currencies were all hammered in Asian trade.

The scale of some of the declines seen was enormous, even exceeding the carnage that was witnessed after the UK Brexit vote just five months ago.

The Nikkei in Japan, thanks in part to the yen ripping higher on the back of heightened risk aversion, closed the session down 5.36% at 16,251.54.