US investment strategist Mona Mahajan explains how the US presidential election has not delivered the anticipated blue wave, and markets have been jolted by how close the race now appears.

• US 10-year Treasury yields have seen a 10-point reversal, reflecting a flight to safety which has also seen the US dollar rise and gold prices fall.

• Cyclical and value stocks – which had performed well in recent days in anticipation of increased fiscal stimulus from a Democrat victory – have flattened while tech stocks have been boosted by the possibility of a better business environment and lower tax regime.