Global stock markets fell Wednesday after Republican Donald Trump won the U.S. presidency, shaking the world economy with fears, however worries of a Brexit-style shock that wiped trillions off global markets has failed to occur so far.

The U.S. dollar, Mexican peso and world stocks fell, as Europe followed suite, tipping two percent lower in Frankfurt, London and Paris, but the British market rebounded briefly into slight gains after Trump’s conciliatory acceptance speech.

Investors fear a Trump win could cause global economic and trade chaos and years of policy unpredictability, however promises by Trump that he would also forge strong relations with other big nations eased concerns of burdening tariffs being slapped on selling to the United States.

“The initial reaction in markets was violent,” said Saxo Bank head of FX strategy John Hardy. “But if you look at it across markets you are seeing a pretty decent reversal off the spike.”

“We have seen the market reaction be nowhere near as bad as it might have been — we could yet see a big pullback,” said ETX Capital analyst Neil Wilson.

The mild 0.7 percent dip in European stocks was nowhere near as bad as the 4 percent plunge futures markets had indicated and the near 9 percent slump they initially suffered after the U.K. Brexit vote.

“Mexico’s peso also bounced, roughly 4 percent, off a record low it had hit overnight – though it was still down an eye-watering 8.5 percent as emerging markets bore the brunt of the impact”.

There was a screeching U-turn from oil too. U.S. crude bounced over $2 to $45.12 a barrel, while Brent jumped back to $45.50 barrel having been as low as $44.40. [O/R]

Russian President Vladimir Putin said he was ready to fully restore ties with the United States following Trump’s victory.